This morning in metals news, the U.S. Department of Commerce announced an affirmative ruling in its anti-dumping investigation of carbon and alloy steel wire rod from Belarus, Russia and the United Arab Emirates (UAE), Nucor announces it will build a new steel mill in Missouri and the zinc price moves up on supply tightening concerns.
DOC Issues Affirmative Ruling on Wire Rod
The U.S. Department of Commerce announced an affirmative determination in its anti-dumping duty investigation of carbon and alloy steel wire rod imports from Belarus, Russia and the UAE.
“The United States is dedicated to free, fair, and reciprocal trade with these countries, and this case was decided strictly on a full and fair assessment of the facts,” Secretary of Commerce Wilbur Ross said in a prepared statement. “The Department of Commerce is committed to protecting U.S. companies being hurt by foreign manufacturers that refuse to play fair.”
Commerce will instruct U.S. Customs and Border Protection (CBP) to collect cash deposits from importers of wire rod at the following rates: Belarus (280.02%), Russia (436.80–756.93%) and the UAE (84.10%).
Nucor Announces New Sedalia, Missouri Facility
Nucor announced Tuesday that it plans to build a rebar micro mill in Sedalia, Missouri, scheduled to open in 2019.
The new mill represents approximately $250 million in investments, according to a Nucor release on the announcement.
“This rebar micro mill project is consistent with our long-term strategy for profitable growth and builds on our position as a low-cost producer,” said John Ferriola, chairman, CEO and president of Nucor, in the release. “Strategically positioning this micro mill in the Kansas City area will give us a sustained cost advantage over other domestic steel producers supplying rebar from outside the region.”
Zinc Prices Rise
Zinc reached its highest price in more than a week on Wednesday, Reuters reported.
The price increase came as a result of worries about supply shortages, as well as solid performance in Chinese steel futures, according to the report.