Basic Materials/Resources

ADELAIDE, Australia—Some of the world’s largest iron-ore miners said they expect the market to continue dictating prices of the commodity despite China setting up a centralized buying group to try to gain more sway.China Mineral Resources Group was established by Beijing this month as part of a drive to secure more control over resources needed for the country’s growth at a time of rising tensions with the West. More than half of China’s iron-ore imports arrive from Australia, which has faced a trade backlash from Beijing…

BASF SE, BASFY -3.55% one of the world’s largest chemicals companies, said it would reduce production of fertilizer ingredient ammonia, as it seeks to curb its natural gas use after Russia throttled flows to Europe.Moscow began Wednesday reducing supplies via the Nord Stream pipeline, the largest Russian gas link to Europe, to around 20% of capacity. The reductions complicate the continent’s efforts to store enough gas ahead of winter, raising the specter for industry…

McDonald’s MCD 1.70% Corp. said higher prices and value menu offerings helped U.S. sales in the second quarter, but total revenue fell and the outlook remains uncertain amid inflation and weakening consumer sentiment. “The operating environment across the competitive landscape remains challenging,” Chief Executive Chris Kempczinski said. Mr. Kempczinski said Tuesday that McDonald’s is planning for a wider range of scenarios given weakening…

Major steel companies this week turned in quarterly results that were mostly better than expected, after steel prices rose sharply in spring because of the war in Ukraine. While prices have retreated in recent weeks, steel executives said demand isn’t deteriorating. “Right now, in our order book, we don’t see it,” said Mark Millett, chief executive of Steel Dynamics Inc. STLD -5.84% Steel Dynamics and…

As a deadline approaches for Russia to resume supplying natural gas to Germany this week, European officials and executives are growing concerned about a cascading economic fallout that would spread across the continent should Moscow keep the tap shut.The Nord Stream pipeline that ferries gas from Siberia to Germany closed last Monday for annual maintenance that is expected to last 10 days. Many in the West fear that Moscow might prolong the closure, possibly permanently, and deprive Germany, Europe’s industrial…

GUDAI-DARRI, Australia—In this remote corner of western Australia, surrounded by clusters of low-lying scrub and red rocky outcrop, the world’s second-biggest mining company has built its most technologically advanced mine.For Rio Tinto RIO -2.20% PLC, finding the workers to run the new high-tech operation is a challenge. Automation helped miners to become more efficient and avoid disruptions triggered by the pandemic, when sudden border closures marooned workers who…

Four sportswear brands are teaming up to help recycling technology get to market more quickly as the clothing industry comes under pressure to reduce waste. French startup Carbios SA said Wednesday it signed a two-year agreement with Patagonia Inc., Puma SE, On Holding AG and Salomon SAS to hasten the commercialization of its biorecycling technology, which uses enzymes to break down polyester for reuse in new products. The... Four sportswear brands are teaming up to help recycling technology get to…

Growing fears of a recession in the U.S. stand to further push down mortgage rates. Photo: Jeremy Erickson/Bloomberg News…

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An energy-starved world is turning to coal as natural-gas and oil shortages exacerbated by Russia’s war against Ukraine lead countries back to the dirtiest fossil fuel.From the U.S. to Europe to China, many of the world’s largest economies are increasing short-term coal purchases to ensure sufficient supplies of electricity, despite prior pledges by many countries to reduce their coal consumption to combat climate change. An energy-starved world is turning to coal as natural-gas and oil shortages exacerbated by…