【SMM Steel】Southern Steel proposes RM1bn buyout of Ann Joo's upstream unit

Cleveland-Cliffs officially confirmed in late March 2026 that it has abandoned plans to replace a traditional coal-based blast furnace at its Middletown Works in Ohio with a hydrogen-ready direct reduced iron (DRI) facility. Despite previously winning a $500 million federal grant for the project, the steelmaker has pivoted back to refurbishing its existing blast furnace infrastructure, citing economic feasibility and shifting energy priorities. This decision maintains the site's reliance on metallurgical coke and coal, highlighting the challenges facing the U.S. steel industry's transition toward "green steel" technologies.

The Simandou iron ore project in Guinea, widely regarded as the world's largest untapped high-grade deposit, has begun its significant production ramp-up as of late March 2026. Following the official start of operations in late 2025, the project is expected to contribute approximately 22 million tonnes to global supply within the 2026 calendar year. With a designed annual export capacity of up to 120 million tonnes, the phased launch of this African mining and transport complex is projected to be the primary driver of global iron ore supply growth, which SMM estimates will reach a record 2.6 billion tonnes this year.

Rio Tinto officially announced the resumption of its iron ore port operations in the Pilbara region of Western Australia on March 30, 2026, after the passage of Tropical Cyclone Narelle. While ship loading at East Intercourse Island, Parker Point, and Cape Lambert B recommenced on March 28, repairs are ongoing at the Cape Lambert A facility, which is expected to return to service in early April. The company estimated that recent weather events, including Cyclone Mitchell in February, have impacted total shipments by approximately 8 million tonnes, though it maintains its annual shipment guidance of 323 to 338 million tonnes for 2026.