Key transactions & industry news Weekly Update 08/01/2025

Metals & Mining

Ferroglobe’s rebound depends on tariffs, tech gains and demand revival. Ferroglobe PLC, a London-based supplier of high-purity chemical and metallurgical-grade silicon metal for the aluminum and steel industries, reported a weak Q1 2025 performance, with revenue declining to $307.2M a 32 per cent drop year-on-year and an adjusted EBITDA loss of $26.8M, primarily driven by falling prices and reduced volumes of core products.

LQDX finalizes sale of ACL™ IP to Toyo Aluminum, enabling next-gen semiconductor solutions. LQDX, formerly known as Averatek Corp. and a developer of high-performance materials for advanced semiconductor manufacturing, has completed the successful divestiture of its Aluminum Clad Laminate IP (ACL™) intellectual property to Toyo Aluminum K.K.

Ghana’s land ministry refutes $1.2B Rocksure bauxite deal cancellation as false & misleading. The Ministry of Lands and Natural Resources has firmly denied reports suggesting the cancellation of a $1.2B bauxite lease awarded to Rocksure International in favor of foreign companies, calling the allegations false, baseless, and misleading.

Impact Minerals yet again as lowest-cost global HPA producer – Lake Hope’s PFS released. Impact Minerals has once again confirmed its position as the lowest-cost global HPA producer with its recent release of a Pre‑Feasibility Study for its Lake Hope High‑Purity Alumina project in Western Australia. According to the PFS, the Net Present Value is no less than $746M.

Lithium miners sound alarm as EV struggles pile on pressure. The global lithium market has been in turmoil for years, and now slower-than-expected growth in EV demand has been compounded by US President Donald Trump reining in regulatory backing. Prices of the battery metal hit a record in 2022 but have since collapsed by nearly 90% amid a deep supply glut.

Tin mining to return to Cornwall after Reeves makes ~$38M investment. Tin mining is poised for a comeback in Cornwall after the UK government invested almost $38m to reopen the county’s last tin mine, creating more than 1,000 jobs in the region. The South Crofty tin mine, near the Cornish village of Pool, closed in 1998, and in the years since, as tin prices have soared, attempts to reopen it have been unsuccessful.

Transportation & Logistics

Trucking jobs bucked the tide, rising in July; warehouse employment is plummeting. Seasonally adjusted truck transportation jobs rose 3,600 jobs to 1,523,300 jobs, according to data released by the Bureau of Labor Standards. The biggest transportation-related shift in the latest report came in the category of warehouse jobs. They took a big hit, down 6,400 jobs after a large 12,000 jobs downward revision for June.

CSX working with Goldman Sachs to explore strategic options, Bloomberg News reports. Railroad operator CSX, is working with Goldman Sachs, to explore strategic options following a merger between its two major rivals, Bloomberg News reported, citing people familiar with the matter.

Boeing Commercial Airplane Revenue Recovers, Backlog Grows To $619B. Boeing Co. reported stronger-than-expected revenue for the second quarter, driven by a sharp rise in commercial aircraft deliveries. However, its adjusted loss per share was wider than Wall Street projections. The aerospace giant posted an adjusted loss of $1.24 per share, missing analyst expectations of a 94 cent loss.

400 truck operator, Carroll Fulmer, ceases operations. Carroll Fulmer Logistics, a Florida-based trucking company that has operated for more than 70 years, is shutting down. The carrier had 400 trucks and 1,700 trailers. Some 600 employees will be laid off as operations cease. The company plans to offer them 60 days’ severance pay as it winds down.

Werner’s quarterly report impacted by its nuclear verdict victory; stock rises. What looks like a huge increase in operating income at Werner Enterprises (NASDAQ: WERN) was impacted by reversal of liabilities that came out of its victory at the Texas Supreme Court in the long-running nuclear verdict. The size of that verdict had grown to more than $100M with interest charges since it was first handed down in 2018. But the reversal hit Werner’s operating income for a benefit of $45.7M. There was also a $7.9M liability reversed related to the October 2022 acquisition of Baylor Trucking.

Less than 2 years after Flexport bought Convoy’s tech stack, it’s being sold to DAT. The tech stack that was at the heart of now-defunct digital brokerage Convoy is on the move again, being sold to DAT in a move seen as significantly broadening that company’s value proposition in the freight market. When Flexport purchased the Convoy tech stack in late 2023, the price on the transaction was reportedly $16M, though neither company confirmed that price. The sale to DAT reportedly was made at a price near $250M, though the companies declined to disclose the sales price.

Energy

Oil falls more than $2 a barrel on worries about OPEC+ supply, US jobs data. Oil prices fell more than $2 a barrel on jitters about a possible increase in production by OPEC and its allies, while weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures were down $2.04, or 2.85%, at $69.66 a barrel by 9:52 a.m. CDT (1452 GMT). U.S. West Texas Intermediate crude was down $1.95, or 2.82%, at $67.31.

Chevron beats Wall Street profit estimates with record output. Chevron beat analyst estimates for second-quarter profit as record oil and gas production and lower capital expenditure helped to offset the impact of lower crude prices. The No. 2 U.S. oil major last month headed off a legal challenge from the biggest U.S. producer Exxon Mobil, enabling it to close its $55B acquisition of Hess.

China’s solar giants quietly shed a third of their workforces last year. China’s biggest solar firms shed nearly one-third of their workforces last year, company filings show, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses.

Phillips 66 hit with $800M penalty in biofuel trade secrets case. U.S. refiner Phillips 66, opens was ordered to pay biofuel maker Propel Fuels $800M in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to a California state court document.

Others

Big Tech’s $400B AI Spending Spree Just Got Wall Street’s Blessing. Alphabet’s Google, Microsoft, Amazon and Meta Platforms are set to spend nearly $400B this year on capital expenditures, largely to build their artificial-intelligence infrastructure. That is more than the European Union spent on defense last year.

Americo Life buys fellow downtown company Ozark National Life. Americo purchased Ozark National Life Insurance. Terms of the deal, which closed May 30, were not disclosed. Americo acquired Ozark to continue its strategic growth objectives in the U.S. life insurance market, where it has focused on “closing mortality protection gaps through technology-driven application and underwriting processes.”