Today in MetalCrawler, the value of mined minerals from the US increased last year and a steel major moved further into the automotive market.
US Mining Values Increased in 2014
The Mineral Commodity Summaries, an annual report from the US Geological Survey, was released yesterday.
This year’s report said the estimated value of mineral raw materials produced at US mines in 2014 was $77.6 billion.
The domestic minerals mining industry is a major stimulant of the US economy. The estimated value of minerals produced at mines increased by $3.3 billion in 2014 and during the year industries utilized those minerals to add more than $2.5 trillion to the US gross domestic product (GDP).
U.S. Steel Acquires Rest of Double Eagle Steel Coatings
United States Steel Corp. acquired the remaining shares of Double Eagle Steel Coating Co., a steel coating company it owned as a joint venture with AK Steel, a further step in the Pittsburgh steelmaker’s efforts to win over more of the automotive industry. The Pittsburgh Business Times originally reported the acquisition.
AK Steel will receive $25.2 million for its half of the joint venture and its 700,000-ton electrolytic-galvanizing line. U.S. Steel had owned 50% of DESCO with the other half owned by AK, which acquired its shares in July 2014 along with other facilities and joint ventures when it acquired Severstal North America’s operations in Dearborn, Mich.