Steel Product Producers

Boston Metal Raises $262M in Latest Fundraising Round
Written by Laura Miller
September 6, 2023
Boston Metal has closed on another round of financing, allowing it to move forward with bringing what it hopes will be a breakthrough steelmaking technology to market.

The Woburn, Mass.-based company closed this week its Series C fundraising, having raised $262 million.
New investors in the latest fundraising round include Aramco Ventures, M&G Investments, Goehring & Rozencwajg, and Baillie Gifford. ArcelorMittal, Vale, and BHP Ventures are among the previously announced investors.
With the funding, Boston Metal plans to “accelerate deployment of its high-value metals business, grow its team globally and commercially demonstrate its molten oxide electrolysis (MOE) platform for decarbonized steelmaking.”
The company thinks its MOE process, which uses electricity to produce a variety of metals and alloys from a wide range of feedstocks, will help the steel industry to decarbonize. It says the process is more energy efficient and has a lower environmental impact than traditional methods.
Boston Metal is working to bring the MOE process to commercial scale. Its current plans are to ship its first high-value metals in 2024 and to bring the MOE technology to the broader steel market by 2026.

Laura Miller
Read more from Laura MillerLatest in Steel Product Producers

Cleveland-Cliffs quietly removes name from Steelton mill
The Cleveland-Cliffs name has been removed from its idled Steelton rail mill. SMU asked Cliffs about the move and if it might signal that it is selling the mill...

Nucor sees sequentially lower Q3 profits across all three business segments
Nucor's third-quarter earnings will be down quarter-over-quarter, but still higher than a year earlier.

Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.

Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.

Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.