Aluminum, steel most exposed metals to Trump tariffs, Citi says
A 25% tariff as announced by Trump on Monday would likely cause steel prices to rise by $100 to $150 a short ton, the analysts said.
Mining giant Rio Tinto (ASX, LON:RIO) and Caterpillar (NYSE: CAT), the world’s no.1 heavy machinery maker, announced this week the signing of an agreement to create a technologically advanced Koodaideri mine.
In a press release, the companies said that the iron ore operation located in Western Australia will soon be receiving a supply of mining machines, and automation and enterprise technology systems via WesTrac, the official Cat dealer in the region.
“Technology is rapidly changing our mining operations as we harness innovation to make our operations safer, smarter and more productive,” Chris Salisbury, Rio Tinto’s iron ore chief executive, said in the media statement. “This extension of our partnership with Caterpillar and WesTrac represents an exciting step for our business.”
Koodaideri, still under construction, is expected to deliver a new production hub for Rio Tinto’s iron ore business in the Pilbara region. First production is planned for late 2021.
Once completed, the mine will have an annual capacity of 43 million tonnes, underpinning output of the Pilbara Blend, Rio Tinto’s flagship iron ore product.
