Automotive MMI®: Worthington Industries Pays $55.5 Million for Rome Strip Steel
In another sign that steel alloys are still the dominant auto-body material, despite recent in-roads by aluminum, Worthington Industries Inc. is acquiring automotive steel manufacture Rome Strip Steel for $55.5 million.
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Worthington, the $3.1 billion Columbus, Ohio, manufacturer said Wednesday it expects to complete the purchase this month.
Rome Strip Steel, with 130 employees, is based in upstate New York and has a warehouse in Walhalla, SC. It makes cold-rolled strip steel for the automotive industry, and recorded 2013 sales of $70 million.
The week’s biggest mover on the weekly Automotive MMI® was Korean 5052 coil premium over 1050 sheet, which saw a 15.4% increase to KRW 4,490 ($4.15) per kilogram. The copper 3-month price dropped 4.7% on the LME this week, closing out the third consecutive week of falling prices at $5,835 per metric ton. The cash price of primary copper fell 4.5% on the LME over the past week to $5,914 per metric ton. This was the third week in a row of declining prices. The price of Chinese lead fell 2.0% last week, settling at CNY 12,400 ($2,002) per metric ton.
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The price of US HDG dropped 4.4% this week, closing out the third consecutive week of falling prices at $725.00 per short ton.
For the third week in a row, the price of US palladium bar dropped, falling 3.4% to $774.00 per ounce. The price of US platinum bar rose 0.5% this week, closing out the third week at $1,225 per ounce.
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The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.