Key transactions & industry news Weekly Update 10/24/2025

Metals & Mining

China’s CMOC to invest $1.1B to expand its KFM copper mine in DRC. China’s CMOC Group will spend $1.08B to expand its KFM copper mine in the Democratic Republic of Congo (DRC) to add about 100,000 metric tons of output per year.

Hillside Aluminum maintains steady output at 181,000 tonnes in Q3. South Africa’s Hillside Aluminum smelter continues to hold a key role in developing and running the country’s manufacturing base. For the third quarter of the FY 2025 that ended on September, Hillside produced 181,000 tonnes of aluminum, which is a slight rise from the previous quarters of 2025.

Steel Dynamics’ earnings rise on record aluminum shipments and recycling gains. The industrial metals company achieved another milestone by recording a net sales of $4.8B and net income of $404M, equal to $2.74 per diluted share. While record steel shipments drove Q3 earnings, SDI’s recycled aluminum ventures are beginning to gain traction, with new mills in Mississippi and Mexico set to produce 650,000 tonnes annually.

Electra fully funds North America’s first cobalt sulphate refinery. Canada’s Electra Battery Materials has completed a $34.5M financing and $40M debt equitization, securing more than $80M in funding and commitments to complete construction and commissioning of North America’s first cobalt sulphate refinery in Ontario.

Mozambique’s Mozal smelter set for potential shutdown in 2026 – South32. Australia’s South32 is currently in talks with the Mozambican government about the future of Mozal, which is the largest aluminum smelter and a key industrial employer in the country. Even with these discussions underway, the company is preparing for a potential halt in operations starting in March, 2026.

Steelmaker Cleveland-Cliffs is exploring for rare earth metals in the U.S. Cleveland-Cliffs Inc. stated it’s exploring its sites for rare earth materials as the U.S. steelmaker looks to expand its presence in metal production.

MECL begins ground exploration for bauxite in Kutch. Mineral Exploration & Consultancy Limited (MECL) has lately started with exploratory drilling for bauxite and other minerals in the Dhrang Block of Kutch District, Gujarat. This initiative is part of the Baghewala Project, which is also supported by the National Mineral Exploration Trust and is aimed at strengthening India’s mineral mapping and resource development efforts.

Transportation & Logistics

Union Pacific profits rise on operational efficiency, pricing gains. Union Pacific was firing on all cylinders during the third quarter, as pricing gains, record workforce productivity and fuel consumption led to higher profits despite flat volume.

USA Truck goes back on the market. Danish freight forwarder DSV said it will divest truckload carrier USA Truck, which it acquired earlier this year when it bought German forwarder and logistics provider DB Schenker. DSV said the USA Truck business is “not an optimal fit” for its mostly asset-light offering.

Covenant CEO sees ‘pain before the gain’ as trucking capacity tightens. Covenant Logistics Group CEO David Parker stated that the trucking market remains mired in “one of the most interesting times” of his five-decade career, but believes the prolonged downturn is nearing an inflection point as more smaller carriers close under mounting regulatory and insurance pressure.

CN announces executive changes to COO and CCO roles. CN announced the appointments of Patrick Whitehead as Executive Vice-President and Chief Operating Officer as well as Janet Drysdale as Executive Vice-President and Chief Commercial Officer, effective immediately.

Energy

France’s offshore wind sector battered by government crisis. Offshore wind developers and equipment suppliers are bracing for a slowdown in business in France where a political crisis has stalled changes to the country’s energy framework and government tenders.

FirstEnergy expects peak load to grow 45% by 2035 on data centers. FirstEnergy expects its system peak load will jump 15 GW, or 45%, from 33.5 GW this year to 48.5 GW in 2035, driven by data center development, Brian Tierney, FirstEnergy chairman, president and CEO, said during an earnings conference call with analysts.

$1.6B in clean energy investments were rolled back in September: E2. More than $24B in clean energy investment has been withdrawn so far this year, according to E2. The group said $11B in new projects were announced over the same period.

Alcoa corporation secures long-term energy contract and announces $60M capital investment in U.S. smelter. Alcoa announced two strategically important developments for its Massena Operations in New York: a new 10-year energy contract with New York Power Authority and a capital investment of approximately $60M in the facility’s anode baking furnace, a key component of the aluminum smelting process.

Others

Crisis-hit Porsche plunges to $1.1B quarterly loss. Porsche swung to a bigger than expected operating loss in the third quarter, plunging the German sports car maker deeper into crisis as it slows a shift to electric vehicles and battles to stem sinking sales in top market China.

Russia’s fourth-largest oil refinery halts processing unit after drone attack, sources say. Russia’s fourth-largest oil refinery, the Ryazan plant located south east of Moscow, halted a primary crude distillation unit following a Ukrainian drone attack.

Putin defiant after Trump sanctions Russian oil companies over Ukraine. Russian President Vladimir Putin remained defiant after U.S. President Donald Trump hit Russia’s two biggest oil companies with sanctions to pressure the Kremlin leader to end the war in Ukraine, a move that pushed global oil prices up 5%.