Steel

Commercial Metals Company expects its TAG Transform, Advance, Grow program to deliver run-rate gross EBITDA benefits exceeding $250 million by the end of fiscal 2026, rising to more than $350 million by the end of fiscal 2027. Launched in 2024, the program spans more than 150 individual projects across the company's business segments and support functions, aimed at optimizing logistics, reducing input consumption, lowering costs and boosting energy efficiency. Backed by the program, CMC expects fiscal 2029 core EBITDA of $1.65 billion to $1.80 billion, a 106% surge at the midpoint from the $837 million delivered in fiscal 2025, with a core EBITDA margin of 15-16%. Separately, Cleveland-Cliffs is investing $1 billion to modernize its Middletown Works facility in Ohio, half of it funded by a $500 million U.S. Department of Energy award, while Carpenter Technology set a fiscal 2029 operating income target of $1.2 billion to $1.3 billion, up from $702 million reported in fiscal 2026. The Zacks Consensus Estimate puts CMC's fiscal 2026 sales at $9.18 billion, up 13.9% year over year, and earnings at $6.62 per share, up 111.5%.

Steel Dynamics expects third-quarter 2026 earnings of $5.34-$5.38 per share, well above the $3.69 it reported in the second quarter and the $2.74 it posted in the year-ago quarter. The company said stronger steel metal margins, record shipments, higher realized selling prices and lower scrap costs are projected to drive the significant sequential improvement in steel operations profitability, with healthy order activity, solid end-market demand and low customer inventories also supporting pricing conditions. Steel fabrication earnings are expected to improve modestly on higher shipments despite narrower metal spreads, and the backlog is nearly 50% above prior-year levels and extends through the first quarter of 2027, supported by demand from commercial construction, data centers, manufacturing and healthcare. Metals recycling earnings are expected to decline sequentially on lower metal spreads and slightly weaker shipments, while aluminum earnings are expected to improve meaningfully on higher shipments as the company advances its Columbus, MS aluminum flat rolled mill, where all three cold mills are operational and the first Continuous Annealing and Solution Heat line is expected to ship commercial material in the fourth quarter. Steel Dynamics has repurchased $261 million, or just under 1% of its common stock, so far in the third quarter, and is scheduled to report third-quarter 2026 results after market close on Oct. 19, 2026.

Steel Dynamics shares closed up 2.99% at $245.35, outpacing the S&P 500's 1.14% gain. The company's upcoming quarterly results are projected to show EPS of $5.87, a 114.23% increase from the prior-year quarter, on revenue of $6.22 billion, up 28.86%. Full-year Zacks Consensus Estimates call for earnings of $18.27 per share and revenue of $23.63 billion, representing year-over-year changes of +128.66% and +30.02%, respectively. Over the past month, the Zacks Consensus EPS estimate has risen 6.95%, and Steel Dynamics currently carries a Zacks Rank of #3 (Hold). The stock trades at a Forward P/E of 13.1, a discount to its industry's average of 14.99, with a PEG ratio of 0.43.

King Gen Public Company Limited, or KGEN, disclosed that Rayong Wire Industries Public Company Limited, or RWI, has taken a stake in KGEN through a private placement subscription of newly issued ordinary shares worth no more than 250 million baht, at a price of no more than 1.35 baht per share, representing approximately 7.68% of the shares after the capital increase, with total investment of no more than 252 million baht. RWI will also receive the right to subscribe to KGEN-W3 warrants in proportion to its existing shareholding, worth no more than 2 million baht. The maximum transaction size of 24.67% qualifies as a Type 3 transaction, which requires approval from a shareholders' meeting by a vote of no less than three-quarters. An extraordinary shareholders' meeting, the first of 2026, has been scheduled for Thursday, October 22, 2026. Khanit Sivachiraprapha, Chairman of the Advisory Board of KGEN, said the partnership will strengthen the domestic supply chain for automotive parts production, in line with the policy of increasing the use of locally made parts in electric vehicle production under cooperation with the CHERY brand. RWI specialises in the production of cold-drawn steel, which is used to make automotive parts. KGEN has so far produced 20,000 vehicles, with EV production capacity of approximately 5,000 vehicles per month, and expects capacity to rise by another 15,000 to 20,000 vehicles in the final three months of the year, bringing total production for the year to around 40,000 vehicles. Year-end bookings are expected to accelerate on the back of the Motor Expo in December, where two to three new electric vehicle models will be unveiled. The company has also signed an agreement to support a transport fleet for J&T Express, including the use of electric pickup trucks for deliveries of no more than 400 kilometres.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

CHOW Energy Public Company Limited, or CHOW Energy, has announced the continuation of its clean energy partnership with Central Retail Department Store through the development of Solar Rooftop projects for a fifth consecutive year. Cristobal Chin, Chief Executive Officer of CHOW Energy, and Nattheera Boonsri, Chief Executive Officer of Central Retail Department Store, took part in a photo session marking the occasion. The Solar Rooftop projects currently cover Central and Robinson shopping malls, with total installed capacity of more than 7 megawatts. The partnership reflects a growing share of clean energy use, reduced environmental impact, and business momentum along sustainability lines, while supporting long-term ESG goals.

Worthington Enterprises shares jumped more than 10% Wednesday morning, holding a 10.1% gain as of 12:37 p.m. ET, after the company signaled it will further define its business segments for investors at an Investor and Analyst Day on Nov. 10. The company, which changed its name from Worthington Industries nearly three years ago after spinning off Worthington Steel, has not held an investor day since that change. Worthington wants investors to know it has a sharp focus on high-demand construction, heating, and cooling products, including demand from data center construction, making it an under-the-radar data center play for some investors. Double-digit sales growth in its most recent quarter was propelled by demand from contractor end-users and varied distribution channels, bolstered by a predominantly domestic manufacturing presence. Water tanks used for liquid cooling in data centers, where momentum continues to build, will now be grouped under Worthington's Building Performance Solutions business segment, while the newly named Trade & Specialty Solutions group will focus more on general construction products.

Vallourec has secured the entire carbon-steel line pipe and external coating scope for Petrobras's Sepia 2 offshore development in Brazil's Santos Basin, covering roughly 130 kilometers of rigid risers and flowlines. The contract, awarded by Subsea7, represents more than 15,000 tonnes of carbon-steel seamless line pipe designed for highly corrosive environments, with Vallourec also applying thermal insulation coating through one integrated offer. Vallourec shares rose around 6% on the announcement. The pipes will be manufactured at Vallourec's Jeceaba plant in Minas Gerais, while the thermal insulation coating will be applied at its Serra facility in Espírito Santo. Sepia 2 sits around 280 kilometers off the Brazilian coast in ultra-deep water, with 15 wells connected to a new floating production, storage and offloading vessel at depths of roughly 2,170 meters. No financial value was disclosed, but the order adds to recent offshore wins including Petrobras-linked projects at Atapu and Búzios, and follows a 2025 agreement with Petrobras that could generate up to $1 billion of revenue from offshore OCTG products and services between 2026 and 2029.

Beyond Securities, acting as the independent financial advisor to STP & I, or STPI, sees the plan to raise funds by allocating newly issued ordinary shares to specific persons, a private placement, as a connected transaction that is reasonable and benefits the company and shareholders as a whole, and believes shareholders should approve the transaction. STPI plans to issue and offer up to 225,897,120 new shares in total, split between a rights offering to existing shareholders of no more than 164,752,035 shares at a ratio of 11 existing shares to 1 new share at an offering price of 5.55 baht per share, worth about 914.37 million baht, and a private placement of no more than 61,145,085 new shares at the same price, worth about 339.36 million baht, for total fundraising of up to about 1,253.73 million baht. The private placement shares will be offered to Masthawin Charnvirakul, a director and managing director of STPI, who is a connected person. If existing shareholders exercise their rights offering in full, after the private placement allocation Masthawin will hold 61,145,085 STPI shares, or about 3% of all shares issued and outstanding after the capital increase. On the use of proceeds, the company plans to use about 900 million baht as part of its investment in a data center project and about 353 million baht to invest in and develop renewable energy projects, including a solar power plant project, with spending scheduled for 2026 to 2028. The 900-million-baht data center project is only part of the equity investment, with the STPI group expected to be responsible for its 26% proportionate share, totaling about 2,135.18 million baht, while the remaining roughly 1,235.18 million baht is expected to be raised from other funding sources under the project's investment plan. Of the roughly 353 million baht earmarked for renewable energy, the company expects to use about 256.94 million baht for the solar power plant project through Daisy Drive, comprising about 1.50 million baht for share purchases and about 255.44 million baht in investment for its 60% proportionate stake, while the remaining roughly 96.06 million baht will support other renewable energy projects in the future. On price fairness, the independent financial advisor assessed STPI's fair value at 4.63 to 6.50 baht per share using three appropriate valuation methods, while the capital increase offering price of 5.55 baht per share falls within that fair value range, and therefore views the offering price as fair. The 5.55-baht price is also about 9.35% below the reference market price of 6.12 baht per share. STPI plans to submit the agenda item to an extraordinary general meeting of shareholders, the first of 2026, on October 1, 2026. If approved, the private placement transaction must be completed within no more than three months from the date of the shareholders' resolution, or by December 31, 2026.

Vallourec has been awarded a major contract by Subsea7 to supply carbon steel seamless line pipe and thermal insulation coating for the Sepia 2 project, developed by Petrobras in the pre-salt Santos Basin offshore Brazil. The award follows the EPCI contract Subsea7 recently secured from Petrobras for Sepia 2, and Vallourec has taken the project's entire carbon steel line pipe and external coating supply scope through a single integrated offer. Under the contract, Vallourec will supply approximately 130 kilometers of rigid risers and flowlines, representing more than 15,000 tons of sour service carbon steel line pipe. The pipes will be produced at Vallourec's Jeceaba mill in Minas Gerais, Brazil, with the thermal insulation coating applied at the Vallourec Coating Solutions plant in Serra, Espírito Santo. The Sepia 2 project sits in ultra-deep waters of the Santos Basin roughly 280 kilometers from the Brazilian coast and is developed by a consortium led by Petrobras, comprising 15 wells and an export pipeline connected to a new Floating Production Storage and Offloading vessel to be installed at a water depth of approximately 2,170 meters. Vallourec Chairman and Chief Executive Officer Philippe Guillemot said the contract illustrates the strength of the group's integrated offering and confirms its position as a partner of choice for demanding pre-salt developments.

Nippon Steel announced on the 16th that it will invest approximately 900 million euros, or about 161 billion yen, in building an electric arc furnace and other facilities at its steel plant in Kosice, Slovakia. The company will install an electric furnace and an oxygen plant at the steelworks of US Steel Kosice, a subsidiary of US Steel. The electric furnace will have an annual production capacity of about 1.6 million tons and is scheduled to begin operation in 2030, while the oxygen plant is slated to start up in 2029. For this investment, a subsidy agreement has been signed with the Slovak government, and a total of 350 million euros in subsidies will be provided from the European Union's Modernisation Fund through the Slovak government. USSK became a direct subsidiary of Nippon Steel as of October 1 and will change its name to Nippon Steel Slovakia.

*ST Bagang's private share placement application has been accepted by the Shanghai Stock Exchange. The offering is expected to raise 1.5 billion yuan, with Zhongtai Securities and Huabao Securities serving as sponsors. The news was disclosed on September 15.

Salzgitter Flachstahl, a subsidiary of German steel manufacturer Salzgitter, and renewable energy company Zelestra have signed a hybrid solar-plus-battery storage power purchase agreement in Germany. The long-term contract supplies green electricity for low-carbon steel production and is backed by two new hybrid facilities that together provide 147MW of solar capacity and 79MW/237MW-hours of battery storage. The two plants, to be located in Brandenburg and Thuringia, will be constructed, owned and operated by Zelestra, while Salzgitter Flachstahl will acquire the solar electricity generated, amounting to 158GW-hours annually, and will control the operation of the battery storage systems. The batteries will be charged solely from surplus solar generation, ensuring the electricity supplied is entirely renewable. The deal marks the first hybrid solar-plus-storage PPA in Germany for both companies and the first time Salzgitter Flachstahl will control a battery storage system, with Zelestra Germany CEO Mathias Künick calling it the largest hybrid deal in Germany to date.

*ST Bayi Steel announced that on September 15, 2026, the company received an acceptance notice from the Shanghai Stock Exchange. The exchange reviewed the prospectus and related application documents submitted by the company for a securities issuance by a main-board listed company, determined that the documents were complete and met the statutory requirements, and decided to accept the application and conduct its review in accordance with the law. The issuance remains subject to approval by the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before it can be implemented, and there is uncertainty as to whether and when final approval will be obtained.

Malta Inc. announced a capital and business alliance agreement with Kobe Steel, Ltd., under which Kobe Steel has made a strategic investment in the cleantech company and joined its global investor base. The alliance pairs Malta's proprietary ultra-high temperature heat pump technology with Kobe Steel's decades of experience in compression solutions, with the companies intending to combine their technologies, expertise, and know-how to accelerate development, commercialization, and widespread adoption of Malta's solutions for industrial energy cost reduction, process reliability, decarbonization, waste heat recovery, and energy storage. Philippe Delleville, President and CEO of Malta Inc., said Kobe Steel's leadership in steam compression technology is highly complementary to Malta's steam management platform and will help accelerate commercialization of its heat pump technology for industry and its implementation in grid-scale energy storage. For Kobe Steel, the investment aligns with green transformation initiatives under its KOBELCO-X strategy, while for Malta the partnership strengthens its investor base as it scales commercial deployment. Malta, which originated from X, formerly Google X, is backed by Kobe Steel, Cox Energy, Breakthrough Energy Ventures, X, Siemens Energy Ventures, Alfa Laval, Proman, and Chevron Technology Ventures, among other investors.

STP & I Public Company Limited, or STPI, disclosed through the Stock Exchange of Thailand that its board of directors has approved a resolution for Impact Solar Group (Thailand) Company Limited, or ISGT, a subsidiary, to invest in the purchase of ordinary shares of Daisy Drive Company Limited, or Daisy Drive, from Impact Electronics Siam Company Limited, or IES, representing 60% of the issued and paid-up shares. The shares have a par value of 10 baht each and a paid-up value of 2.5 baht each, for a total investment value of 1.5 million baht, with the share purchase expected to be completed within September 2026. Daisy Drive plans to invest in a solar power plant project with a generating capacity of 55 megawatts, along with a 40 MWh energy storage system, to support clean energy for a data center project, with a total investment value of approximately 1.419 billion baht, funded by loans and support from the Japanese government under the Joint Crediting Mechanism, or JCM. STPI will be responsible for an investment of approximately 135 million baht in this transaction, and the 60% investment stake will make Daisy Drive a subsidiary of the company, requiring disclosure of information to the Stock Exchange of Thailand.

Honglu Steel Structure announced on the evening of 13 September that it has signed a Steel Structure Material Price-Lock Cooperation Agreement with Fujian Zhongmin Daqin Engineering Management Co., Ltd. The agreement sets a tentative steel structure processing volume of 100,000 tonnes and a tentative tax-inclusive total steel structure material price of 375 million yuan, excluding processing fees, with the project expected to be completed before the end of 2027. The agreement benchmark price is based on the 8 September 2026 Mysteel price of 3,750 yuan per tonne for Q355B low-alloy 14-20 thickness. The advance payment is 50% of the tentative material cost, namely 187.5 million yuan, and Party A shall pay it within 20 days of signing the agreement. The tentative agreement value accounts for approximately 1.70% of the company's audited main business revenue for 2025, and its implementation will have a certain positive impact on the company's operating revenue and profit in 2026 and 2027. Earlier, on 9 July, the company announced a steel structure finished component procurement contract with China Construction Third Engineering Bureau Cloud Procurement Technology Co., Ltd., with a tentative tax-inclusive amount of 508 million yuan, accounting for approximately 2.30% of audited main business revenue for 2025. In the first half of 2026, the company achieved operating revenue of 11.642 billion yuan, up 10.35% year on year, and net profit attributable to shareholders of the listed company of 438 million yuan, up 52.20% year on year.

STP & I Public Company Limited, or STPI, informed the Stock Exchange of Thailand that its Board of Directors, at its 6/2026 meeting on September 11, 2026, approved a resolution for Impact Solar Group (Thailand) Company Limited, or ISGT, a subsidiary, to acquire ordinary shares of Daisy Drive Company Limited, or Daisy Drive, from Impact Electronics Siam Company Limited, or IES, representing 60% of the issued and paid-up shares, totaling 600,000 shares with a par value of 10 baht each and paid-up value of 2.50 baht each, for a total purchase value of 1.50 million baht. The transaction is expected to be completed within September 2026. After acquiring the stake, Daisy Drive will become a subsidiary of STPI, with a shareholder structure comprising ISGT holding 60% and IES holding 40%. Daisy Drive has registered capital of 10 million baht and operates a business generating electricity from renewable energy for sale to government and private sector entities. It plans to invest in a solar power plant project with a generating capacity of 55 megawatts, along with a battery energy storage system, or BESS, with a capacity of 40 megawatt-hours, to support clean energy use for a data center project. The project has a total investment value of approximately 1,419 million baht, or about 1.42 billion baht, with funding sourced from loans and support from the Japanese government under the Joint Crediting Mechanism, or JCM. STPI will be responsible for approximately 135 million baht of the project investment. The STPI board views the investment as beneficial to the group in the long term. This transaction is not a connected transaction and is not a significant transaction, as the highest transaction size based on the total consideration criteria is below 25%, calculated from the reviewed consolidated financial statements ending June 30, 2026.

Vallourec broke ground on a new production line for Proxxima resin systems with Goldilocks subsea insulation technology, known as GDLX, at its Serra facility in Espírito Santo, Brazil. The milestone advances industrial deployment of the subsea thermal insulation technology licensed from ExxonMobil and reinforces Brazil's strategic role in the Group's global industrial strategy. The announcement was made during a visit by Philippe Guillemot, Chairman and CEO of Vallourec, who said the enhanced GDLX capabilities were instrumental in securing the Hammerhead and Longtail contracts, the largest line pipe orders ever secured by Vallourec. The technology has already been selected for ExxonMobil's Longtail deepwater project in Guyana, for which Vallourec will supply thermal insulated line pipes as part of its broader integrated offshore offering. Located close to the Port of Vitória, the Serra facility is positioned to serve domestic and export markets, and Andre Lacerda, Senior Vice President South America, Tube Activities, said the investment expands local capabilities and long-term commitment to Espírito Santo and Brazil's offshore industry.

Asia Plus Securities (ASPS) stated that STP&I Public Company Limited (STPI) is transitioning from its contract manufacturing and industrial structure business to digital infrastructure and clean energy through a capital increase of 1,253 million baht to invest in data centers and renewable energy, which will serve as a new long-term growth engine. The 110MW data center project has received BOI promotion and has secured power, water, and fiber optic connectivity, with construction expected to begin in Q4/2026. Q3/2026 profit outlook is strong, despite the core business slowing due to fabrication revenue being in a transitional period before new work begins and electricity revenue being in its low season, but it will be supported by special gains of several hundred million baht from the sale of ST Evolution shares worth 518 million baht to a partner. Meanwhile, Q4/2026 results will recover with revenue recognition from new projects and share of profit from Monsoon entering its peak season. STPI's value will be increasingly driven by data centers and renewable energy, with the company holding a 26% stake in the data center project. Additionally, there is a 55MW solar farm project on Plu Ta Luang land to support the clean energy needs of the data center, as well as a 5.99MW waste-to-energy plant in Phetchaburi expected to achieve COD by year-end, receiving an adder of 3.50 baht per unit for 7 years. The Monsoon Expansion plan of 1,000MW is also a long-term growth driver. Another key strength is the hidden asset from 937 rai of Plu Ta Luang land, which has a book value of only 320 million baht (0.34 million baht per rai) compared to a market price of around 2.8 million baht per rai, making the total land value potentially over 2.6 billion baht. The company also plans to sell about 100 rai of land for data center development, which will unlock asset value and support investment in new businesses. The current share price is trading below the capital increase price of 5.55 baht, limiting downside risk. The recommendation is "Buy" with a target price of 7.55 baht, based on the Adjusted Book Value method by adjusting the Plu Ta Luang land value to market price, which does not yet include the added value from data centers and the new energy portfolio.

Vallourec, a world leader in premium seamless tubular solutions, announced the signing of an agreement with Aramco to strengthen their commercial, industrial, and technological ties, formalized during the French-Saudi Investment Roundtable Meeting in Paris. The partnership, which dates back to 1962, has deepened over nearly 65 years, with Vallourec establishing a local industrial facility in Dammam in 2011 and signing a long-term supply agreement for locally manufactured premium OCTG pipes in 2022. The new agreement builds on this history, aiming to expand production capabilities and support Saudi Arabia's development of unconventional resources. Philippe Guillemot, Chairman and CEO of Vallourec, emphasized the mutual trust and the importance of local presence in ensuring supply security despite logistical constraints.

CHOW has informed the Stock Exchange of Thailand that its group's solar power plant projects are scheduled to gradually commence commercial operation (COD) between September and October 2026, with a combined capacity of 17 megawatts. These projects are operated by subsidiary Chining SPV 1 Co., Ltd. and include rooftop solar, solar farms, and floating solar installations spread across Thailand, with 15-year power purchase agreements with related counterparties, which are expected to support long-term revenue from renewable energy business. Additionally, during July to August 2026, the group has other solar projects scheduled for COD as planned, bringing the total managed solar capacity to 134 megawatts. This business expansion aligns with the strategic plan to support sustainable revenue base growth.

Anawil Jirathamsiri, CEO of CHOW, revealed that the group is preparing to gradually commence commercial operation (COD) of additional solar power plant projects during September-October 2026, with a total capacity of 17 megawatts (MW), through its subsidiary Chaining SPV 1 Co., Ltd. The projects cover rooftop solar, solar farms, and floating solar, and have power purchase agreements (PPAs) with a 15-year term to generate long-term recurring revenue. Additionally, during July-August 2026, the group had already commenced COD of additional projects as planned, bringing the total managed solar capacity to 134 MW. This business expansion aligns with the strategic plan to increase the revenue base and support sustainable growth.

POSCO Holdings has secured a $700 million short-term credit facility from IDB Invest, the private-sector arm of the Inter-American Development Bank Group, to support its Argentina-based brine lithium business. POSCO Argentina received approval for the facility on Aug. 4, providing working capital for its first lithium plant and a second plant scheduled for completion in the second half of 2026. The financing strengthens POSCO's liquidity and is expected to reduce funding costs through competitive interest rates and preferential tax treatment. IDB Invest recognized the project's compliance with global ESG standards and its contribution to economic development in Latin America. The facility comes as POSCO accelerates development of its Sal de Oro lithium project at Argentina's Salar del Hombre Muerto, which comprises four phases with eventual production capacity of around 100,000 metric tons per year. The credit facility provides additional financial flexibility to ramp up Argentine lithium operations and, combined with Argentina's investment incentives and Korea-Argentina cooperation, should help accelerate project development and enhance the long-term competitiveness of POSCO's battery-materials portfolio.

Hyundai-Posco Louisiana Steel, a joint venture between Hyundai Steel and Posco Group, has begun construction of a $5.8 billion fully integrated steel plant in Louisiana, with production slated to start in the first quarter of 2029. The venture will fund half of the project, with Posco contributing 20% and Hyundai and Kia each 15%. Described as the first-of-its-kind electric arc furnace plant, it will supply low-carbon steel sheets to North American automakers, particularly Hyundai Motor Group, and is expected to employ over 1,300 people directly. The facility aims to cut CO2 emissions by 70% compared to conventional blast furnaces and will support South Korea's $350 billion US investment commitment under the 2025 trade deal.

Hyundai Steel held a ceremonial event for its $5.8 billion Electric Arc Furnace-based integrated steel mill in Ascension Parish, Louisiana, the first of its kind in North America, marking a milestone in U.S. manufacturing. The mill, operated by HYUNDAI-POSCO Louisiana Steel LLC, a joint venture with POSCO, Hyundai Motor, and Kia, is part of Hyundai Motor Group's $26 billion U.S. investment commitment through 2028. Commercial production is targeted for 2029, with an annual capacity of 2.7 million metric tons of steel sheets for automotive use, and is expected to create 5,400 jobs, including 1,300 direct positions. The project leverages advanced technologies like the Direct Reduction Process to supply low-carbon steel to automakers including Hyundai and Kia.

Qingdao Dongfang Tower Co., Ltd. announced that the target company, 72% of whose equity its wholly-owned subsidiary Sichuan Huiyuanda Potash Fertilizer Co., Ltd. plans to acquire, namely Kunming Diyin Mining Co., Ltd., has obtained the Shugu Phosphate Mine Mining License and the Real Estate Title Certificate for Mining Rights issued by the Yunnan Provincial Department of Natural Resources. The mining area covers 5.5253 square kilometers, with mining depths from 3,150 meters to 2,500 meters, and a validity period from August 18, 2026 to August 17, 2041, totaling 15 years. The company stated that obtaining the mining rights certificate is of positive significance for completing the equity acquisition, helps improve the integrated potash and phosphate industry chain layout, and aligns with the company's overall strategic development plan. It also cautioned that actual construction of the Shugu Phosphate Mine still requires completion of multiple approval procedures including project approval, environmental impact assessment, water conservation, and safety facility design, and the completion time remains uncertain. In addition, the equity transfer registration for the 72% stake in Kunming Diyin has not yet been completed, and the company has not yet obtained control over it.

Carpenter Technology Corporation reported $605 million in cash from operating activities and $362.3 million in adjusted free cash flow for fiscal 2026, up 37.4% and 26% year over year, respectively, driven by higher earnings and improved working capital management. The company maintains a strong balance sheet with $892.4 million in liquidity, including $393.3 million in cash, and is investing in a $400-million brownfield expansion in Athens to add high-purity melt capacity. For fiscal 2027, Carpenter expects operating income of $850-$880 million, a 21-25% increase, and adjusted free cash flow of $400-$430 million, with capital expenditures rising to $355-$375 million. The company's shares have surged 98.2% over the past year, and it holds a Zacks Rank #2 (Buy).

Ziga Innovation Public Company Limited, or ZIGA, has disclosed that it has invested in Bitcoin through its subsidiary, Aoun 2024 Company Limited, using surplus working capital and holding for the long term. As of August 31, 2026, the company holds a total of 16.69143660 BTC, comprising 12.31484974 BTC purchased and 4.37658686 BTC mined, with a total book value of approximately 43.46 million baht, based on a fair value of about 2.60 million baht per coin. The purchases have been accumulated from July 2025 to August 2026, with the latest transaction adding 1.92638169 BTC at a cost of 77,937.55 USDT per Bitcoin. This investment does not affect the core business, and the company will continue to report its holdings.