Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
China’s steel demand is shifting to higher grade iron ore as overall demand from the residential sector falls but is offset by steel demand from the energy transition, Rio Tinto chief commercial officer Bold Baatar said on Thursday.
“The demand for high grade ore continues to be strong. The new industries such as electric vehicles and energy transition are picking up the drop in the residential sector,” he said, speaking at the Financial Times commodity summit in Singapore.
(By Naveen Thukral and Melanie Burton; Editing by Himani Sarkar)
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