We here at MetalCrawler are as broken up about Zayn Malik leaving One Direction as you are, but we soldier on and provide the latest metal news, including major US steel CEOs speaking to congress, a Russian aluminum giant finding an index where its shares can be traded and China’s biggest copper producer is still in the red.
US Steel Companies Say Steel Dumping As Bad as the ’90s
Executives for the nation’s largest steel companies told the Congressional Steel Caucus Thursday that the government needs to take a three-pronged approach to save the industry from illegal trade practices — improve its trade policies, invest in the workforce and finance improvements to the nation’s infrastructure.
U.S. Steel Corp. President/CEO Mario Longhi and ArcelorMittal USA President/CEO Michael Rippey, joined other industry leaders in the annual hearing in Washington, D.C. Rippey is also chairman of American Iron and Steel Institute.
They said today’s imports from China, Turkey and South Korea have surpassed the amount dumped here in the late ’90s that resulted in the bankruptcies of major steel players, including Bethlehem Steel, Inland and LTV. Rippey said China alone has 371 million tons of excess capacity looking for a home.
UC Rusal Listed on Moscow Exchange
UC Rusal will start trading on the Moscow Exchange (MOEX) on March 30, as the major Russian aluminum producer looks to expand its base of investors.
The company’s ordinary shares have been admitted to the exchange in the first level quotation list, Rusal said in a statement on Tuesday.
Jiangxi Copper Posts Loss
Jiangxi Copper, China’s top producer of the metal, posted a 20% drop in net profit for 2014, a third consecutive annual decline due to weak metal prices, and forecast a tough outlook for base metals due to overcapacity.