This morning in metals news, the chief executive of Austria’s Voestalpine says Europe’s steel industry has excess capacity, copper picked up as the dollar’s gains paused and automotive aluminum use is picking up according to one survey.
Voestalpine Chief Executive Says Europe Must Address Steel Overcapacity
According to the chief executive of Voestalpine, Europe should prepare for potential factory closures on account of a steel surplus of about 20%, the Financial Times reported.
According to Wolfgang Eder, Europe will be vulnerable to cheap imports. He said the European steel sector should shift its focus from commodity metal to higher-value products, according to the report.
Copper Price Rises
Copper rose as the dollar steadied on the heels of previous gains, Reuters reported.
LME copper hits $7,094.50 per ton at midday, according to the report.
The aluminum sector is becoming more influential in the automotive industry, according to one survey.
According to a report in Automotive News, a Ducker Worldwide survey said aluminum is “the fastest growing automotive material over competing materials and is entering its most unprecedented growth phase since we’ve been tracking the shifting mix of automotive materials.”