【SMM Steel】EU gives €6bn green light to Italy's renewable hydrogen push

Mesabi Metallics Company, backed by the Essar Group, announced on March 31, 2026, that it has secured a $520 million senior secured credit facility to complete its iron ore mine and pellet plant in Nashwauk, Minnesota. The project, which is in an advanced stage of development, is now on track to commence commercial operations in the third quarter of 2026. This facility is designed to produce 7 million tonnes of high-grade iron ore pellets annually, providing a critical domestic supply of feedstock for North American blast furnaces and future direct reduction plants.

The European Commission (EC) officially launched an investigation on March 30, 2026, into imports of grain-oriented electrical steel (GOES) from several non-EU countries. GOES is a critical high-value component used in the manufacturing of power transformers and electrical equipment essential for the continent's energy transition. The investigation aims to determine whether imported products are being sold at unfairly low prices that damage European domestic producers and follows a broader trend of increased trade defense measures as the EU implements the Carbon Border Adjustment Mechanism (CBAM) this year.

Global metallurgical producer Ferroglobe officially warned on March 31, 2026, that it will be forced to shut down its smelting operations in South Africa if it does not receive electricity tariff relief by April 1. The company, which operates facilities in Polokwane and Mpumalanga, stated that soaring energy costs have made continued production tenable. This potential closure threatens thousands of direct and indirect jobs and follows the broader trend of industrial contraction in South Africa, where only 11 of the nation's original 66 smelters remain operational due to uncompetitive power pricing.