China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Repair work is underway at Glencore PLC’s GLEN.L Murrin Murrin nickel and cobalt plant in Western Australia following a component failure at an acid plant that left the facility running at reduced capacity, the miner said on Monday.
The facility is located about 880 kilometres (550 miles) east of Perth in the north-eastern Goldfields region of Western Australia.
“Operations at Murrin Murrin continue at a reduced capacity whilst repairs are being completed,” a Glencore spokesman told Reuters.
Murrin Murrin produced 36,400 tonnes of nickel metal and 2,900 tonnes of cobalt in 2020.
(By Melanie Burton and Tom Daly; Editing by Lincoln Feast)
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