This morning in metals news, raw steel production this year through Sept. 9 is up 3.3% compared with the same period last year, U.S. steel shipments in July fell by 3.3% compared with the previous month and Tata Steel‘s shares surged after the news regarding its separation from its U.K. pension scheme.
Steel Production On the Rise
According to weekly data from the American Iron and Steel Institute (AISI), U.S. raw steel production for the week ending Sept. 9 amounted to 1,733,000 net tons.
The week’s production marked an 8.9% increase from the same week in 2016, but a 0.8% decrease from the week ending Sept. 2.
In the year through Sept. 9, however, production has hit 62,633,000 net tons, up 3.3% from the same period in 2016.
July Steel Shipments Dip From June Total
According to AISI data, U.S. steel mills shipped 7,480,241 net tons in July, a 3.3% decrease from the 7,736,846 net tons shipped in the previous month. The July total, however, marked a 1.7% increase from the 7,352,698 net tons shipped in July 2016.
The AISI report said shipments for the year-to-date are 52,939,327 net tons, up 2.8% increase versus shipments during the first seven months of 2016.
Tata Steel Shares Jump After Pension Scheme News
After settling its pension liability scheme in the U.K., Tata Steel shares jumped 3%, the Economic Times reported.
As part of the agreement in which the Indian company separated the British Steel Pension Scheme from its U.K. business, Tata was required to make a payment of £550 million and offer a 33% stake in Tata Steel UK to trustees of the pension scheme, according to the Economic Times.