Key transactions & industry newsWeekly Update 01/30/2026

Metals & Mining

Hindalco announces plans for aluminum smelter expansion and downstream push. The Mumbai-based Hindalco Industries Ltd, a flagship of the Aditya Birla Group, announced expansion plans worth $2.3B for its aluminum smelter capacity at the Aditya Aluminum complex in Sambalpur, Odisha.

U.S. commits $2B to rare earths, taking equity role in strategic minerals push. The U.S. government announced a $2B commitment to the domestic sector, moving beyond its usual reliance on subsidies and guarantees and into direct ownership.

The possible faces of a Rio Tinto-Glencore deal. The companies said that talks involve a possible combination of some or all of their businesses, including a potential all-share takeover of Glencore by Rio Tinto. A combination could create the world’s largest mining company with a market value of more than $200B and the industry’s biggest copper business, controlling nearly one-tenth of global output.

South Korea's Hyundai Steel plans $2.9B capital increase for U.S. steel plant. South ​Korea's Hyundai Steel said in a ‌regulatory filing that its affiliate Hyundai-POSCO Louisiana LLC plans a capital increase worth $2.9B for facilities investment in a U.S. steel ‌plant.

USA Rare Earth shares rally as Commerce Department takes equity stake. USA Rare Earth shares rallied after the critical minerals startup announced that the Department of Commerce will take an equity stake. Commerce has issued a letter of intent that would provide USA Rare Earth with a $1.3B loan and $277M in federal funding.

Century Aluminum joins EGA Project to build first U.S. smelter in almost 50 Years. Emirates Global Aluminium (EGA) and Century Aluminum Company (NASDAQ:CENX) announced that they have entered into a joint development agreement to build the first new primary aluminum production plant in the United States since 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century owning the remaining 40 percent.

Transportation & Logistics

Panama high court gives Trump a win over canal by ousting Hong Kong port operator. The Supreme Court of Panama has annulled a contract for a Hong Kong company to operate two ports at either end of the Panama Canal, handing President Trump a victory for his security ambitions in the Western Hemisphere and denting China’s influence in the region.

Union Pacific to file revised rail merger application in March. Union Pacific expects to file its revised Norfolk Southern merger application in March, Chief Executive Jim Vena said on the railroad’s earnings call.

Shipping group CMA CGM to form port joint venture with Stonepeak. French shipping group CMA CGM and U.S. investment firm Stonepeak have agreed to create a joint ​venture valued at nearly $10B to operate and invest in port terminals, ‌including in the United States.

BNSF announces $3.6B capital plan for 2026. BNSF Railway will spend $3.6B under its 2026 capital plan, the railroad said, with the majority $2.8B ticketed for infrastructure maintenance. The maintenance program for BNSF (NYSE:BRK-B) includes plans to replace 400 miles of rail and more than 2.5 million ties, along with approximately 13,000 miles of track surfacing.

UPS won’t resurrect MD-11 fleet after deadly crash, takes $137M charge. UPS has decided to permanently retire its fleet of 27 MD-11 aircraft and take a $137M after-tax write off instead of returning the widebody freighters to service even if they are cleared to fly again by aviation authorities following the crash of one of its planes in early November.

Maryland DOT issues six-year $22.1B capex plan. The Maryland Department of Transportation released the final version of its $22.1B capital transportation program (CTP) for fiscal years 2026-2031. The CTP outlines a balanced funding plan that priorities safety and reliability while driving economic growth statewide.

Energy

Venezuela’s acting president signs oil industry overhaul, easing state control to lure investors. Venezuela’s acting President Delcy Rodríguez signed a law that opens the nation’s oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.

Senate Republicans say approved energy projects should not be halted. Republicans and Democrats on the Senate environment committee said that U.S. infrastructure project developers need assurances that fully approved projects will not be cancelled or stalled due to shifting political priorities.

U.S. seeks interest from states in nuclear waste and reprocessing sites. U.S. said it is seeking input from U.S. states on any interest they have in hosting sites for developing the nuclear fuel lifecycle, which includes storing nuclear waste and spent fuel reprocessing. The sites, which the U.S. Energy Department called Nuclear Lifecycle Innovation Campuses, could offer federal support for deployment of advanced nuclear reactors and co-located data centers. Wright has said the biggest use of his department's loan office, which has hundreds of billions of dollars in lending capacity, will be for nuclear plants.

Largest U.S. power grid PJM begins talks on special auction to ensure reliable supply. Grid operator PJM Interconnection said that it has begun discussion on creating a backstop auction, marking a step toward a procurement process designed to address rapidly growing power demand across its 13‑state footprint.

Petrobras renews oil deals with Indian refiners worth more than $3.1B. Brazil's state-run oil firm Petrobras said it has expanded and renewed oil sales contracts with Indian state-owned oil refiners. The agreements represent a sales potential up to 60 million barrels, with a total value that may exceed $3.1B.

Others

Trump picks Kevin Warsh as Fed chair. President Trump said he would nominate Kevin Warsh to be the next chairman of the Federal Reserve, choosing a former Fed official who has aligned himself with the president’s criticism of the central bank.

Fed leaves rates unchanged, sees 'elevated' inflation and stabilizing job market. The Federal Reserve held interest rates steady amid what U.S. central bank chief Jerome Powell called a ​clear improvement in the outlook for economic growth and diminished risks to both inflation and employment, a read that conveyed no sense of urgency for further reductions in borrowing costs.