Metals & Mining
Alba exports aluminium via Jeddah, as the Strait of Hormuz remains closed. CEO Ali Al Baqali said the company is sending 40–60% of its exports through Saudi Arabia. The route involves land transport of about 870 miles to Jeddah. He said this adds land costs, but overall transport costs have not increased significantly. The company is still meeting delivery commitments.
South32 pauses Worsley Alumina operations following an incident at the refinery. Peripheral operations have been paused at the South32-owned Worsley Alumina refinery near Collie, in Western Australia, after a contractor sustained injuries at the site. Emergency services and first aid were administered to the injured 47-year-old worker at the refinery.
EGA reroutes aluminium trade through Oman amid Hormuz disruption. Emirates Global Aluminium (EGA) will reroute its aluminium exports and raw material imports through Oman’s Sohar port in the coming days, as the US-Israel conflict with Iran continues to disrupt traffic through the Strait of Hormuz.
U.S.–Brazil critical minerals deal hinges on Brasília’s go-ahead. The United States is awaiting policy clarity from the government of Luiz Inácio Lula da Silva, Brazil, to advance a bilateral agreement on critical minerals.
China gains as alumina reroutes from the Strait of Hormuz disrupts the Middle East supply. The rerouting of the raw materials away from the Middle East is suggested to be benefiting the Chinese aluminium producers. This is because China is receiving a higher amount of alumina, the precursor refined from bauxite, due to the ongoing US-Israeli war with Iran.
South32 pulls the plug on Mozal aluminium smelter operations after power deal impasse. Unable to secure a long-term, affordable electricity supply, South32 has placed the Mozal Aluminium Smelter near Maputo, Mozambique, on care and maintenance.
Mozambique seeks negotiations to keep the Mozal aluminum smelter from complete closure. The Government of Mozambique is seeking negotiations to prevent a permanent shutdown of the Mozal Aluminium Smelter. Owned by South32, Africa’s largest aluminium smelter, Mozal is to suspend operations, owing to unsustainable electricity costs.
Glencore in hope of talks to restart the $240B merger with Rio Tinto as coal price climbs. Earlier this year, the two companies talked about creating $240B mining group. The deal would have combined Glencore’s trading business and copper assets with Rio Tinto’s large-scale mining operations.
Transportation & Logistics
FedEx to shutter 9 New York parcel centers. FedEx Corp. plans to close nine shipping facilities in New York and one in Pennsylvania as its multi-year effort to integrate legacy express and ground delivery operations into one unified surface network enters its final phase.
Trump temporarily suspends Jones Act as energy prices soar. After the war in Iran sent gas and diesel prices soaring, President Donald Trump has temporarily waived the Jones Act, allowing foreign ships to carry crude oil and gas between U.S. ports.
U.S. Postal Service on brink of financial collapse, chief tells Congress. The U.S. Postal Service will be out of cash and unable to deliver mail, and pay vendors and employees, in less than 12 months unless Congress lifts the carrier’s statutory debt limit of $15B and eliminate mandates that handcuff its ability to make money and burden it with uncontrollable expenses.
Wisconsin-based carrier files for chapter 11 protection. Family-owned Sparhawk Trucking, a Wisconsin-based company that the federal government says has 178 power units, has filed for protection under chapter 11 of the federal bankruptcy code.
Atlas Air switches to Airbus, orders 20 A350 cargo jets. Atlas Air, the world’s largest operator of 747 jumbo jets, by decade’s end will operate non-Boeing aircraft for the first time signing an order that makes it the largest customer for Airbus’s brand-new A350 widebody cargo jet.
Energy
Tesla in talks with Chinese firms to buy $2.9B worth of solar equipment, sources say. Tesla is looking to buy equipment worth $2.9B for manufacturing solar panels and cells from Chinese suppliers including Suzhou Maxwell Technologies, as CEO Elon Musk aims to add 100 gigawatts of solar capacity in the United States.
Monroe Energy restarts key units at refinery in Trainer, Pennsylvania, sources say. At least two key processing units at Monroe Energy’s 190,000-barrel-per-day refinery in Trainer, Pennsylvania, went offline before they were restarted, people familiar with plant operations said.
Petrobras refineries to operate at 98.5% of capacity in April, says CEO. President Donald Trump said that he will tap the Strategic Petroleum Reserve to help lower energy costs during the Iran war.
Japan to spend nearly $63B in second phase of US investment, Nikkei reports. The International Energy Agency said its member countries would release 400 million barrels of oil from their emergency stocks, the largest reserves distribution in history, in a bid to bring down crude prices that have soared during the war with Iran.
Cuba partially restores power as President Díaz-Canel vows ‘unyielding resistance’ to U.S. oil blockade. Cuba’s President Miguel Díaz-Canel lashed out at the “almost daily” threats from the U.S. and pledged to meet the Trump administration’s move to choke off the island’s fuel supplies with “unyielding resistance.”
Others
Banks ready to put billions to work after regulatory win. After scoring a victory with regulators, lenders are preparing to put billions of dollars in potentially freed-up capital to use. Their top priorities aren’t complicated: make more loans, invest in their businesses, give money back to shareholders and strike deals.
New CEO Josh D’Amaro wants Disney’s flywheel to spin faster. To understand where new Disney chief executive Josh D’Amaro wants to take the 102-year-old company, visit one of its U.S. theme parks Memorial Day weekend.
Australian GPS-Alternative unicorn raises $110M for expansion. An Australian startup that helps aircraft, ships and other vehicles navigate GPS dead zones has raised $110M, hitting Silicon Valley’s prized unicorn status as it seeks to accelerate growth in the U.S. and Europe.
