This morning in metals news, U.S. raw steel production went up last week, aluminum is heating up as China prepares for winter cuts to excess capacity and Kobe Steel’s data falsification scandal could stretch back a decade.
Raw Steel Production Up 5.4%
U.S. raw steel production for the week ending Oct. 14 was up 5.4% from the same week in 2016, according to weekly data from the American Iron and Steel Institute (AISI).
Production for the week amounted to 1,744,000 tons, up from 1,655,000 for the same time frame in 2016.
Aluminum Heating Up
It’s been a big year for aluminum — and with Chinese winter cuts to excess capacity on the way, the aluminum price could continue to rise.
According to a Reuters report, China is preparing to reduce its aluminum smelting capacity by one-tenth by the end of the year.
Kobe Steel Scandal Could Go Back More Than 10 Years
The data falsification scandal plaguing Japan’s third-largest steelmaker could go back more than a decade, according to a Bloomberg report.
According to the report, Kobe Steel will cooperate with the U.S. Department of Justice. A company executive quoted in the report told Bloomberg that data falsification at the firm has likely been happening for over a decade — stretching further than Kobe’s admission of falsification dating back to 2007.