This morning in metals news, U.S. steel production is up for the year, copper backed off its three-year high and a U.S. firm extended its merger deal with a Chinese company.
Steel Production Up 3.2%
According to data released by the American Iron and Steel Institute (AISI), U.S. raw steel production is up 3.2% in the year to date (through Sept. 2) compared with the same time frame in 2016.
Adjusted production through Sept. 2 amounted to 60,900,000 net tons, up from the 59,025,000 net tons last year to the same point last year.
For the week ending Sept. 2, domestic raw steel production was 1,747,000 net tons, up 8.6% for the same week in 2016 and up 0.4% from the previous week (ending Aug. 26).
Copper Falls Back
After hitting a three-year high, copper fell back slightly from that Wednesday.
LME copper fell 0.3% to $6,880 a ton by 0155 GMT, according to Reuters.
Aluminum and rolled products producer Aleris International extended a merger agreement with Chinese firm Zhongwang USA LLC, according to Platts.
The deal was extended to Sept. 15, according to the report. The deal was previously set to expire Aug. 31.