Basic Materials Headlines

Petrobras applies to swap environmental fines for services

Brazil's Petróleo Brasileiro SA has applied to federal environmental agency Ibama to provide environmental protection services in exchange for wiping out all its fines for environmental offenses, the state-controlled oil company said late on Saturday.

China's Baowu Steel says will consider other M&A opportunities

China's top steel maker Baowusteel Group Co, formed in a mega merger last year, said the company will consider other merger and acquisition opportunities. In an email reply to Reuters on Sunday, Ma Guoqiang, president of Baowu said China's steel producers will not expand their production capacities in the future but will aim to improve efficiency of the sector and pursue higher quality products. (Reporting by Muyu Xu and Josephine Mason; Editing by Jacqueline Wong)