This morning in metals news, Tata Steel plans to offload some of its European businesses, copper prices bounced back and Mexico is reportedly open to a compromise on auto content as part of the North American Free Trade Agreement (NAFTA) renegotiation talks.
Tata Steel Looking to Sell
Tata Steel is looking to offload some of its European operations, The Telegraph reported.
According to the report, the sale would affect 1,100 workers at the five businesses, which includes Cogent in Wales.
Copper prices recovered Wednesday after dipping Tuesday, Reuters reported.
However, according to the report the gains were limited because of investor caution on the heels of President Trump’s decision to withdraw from the Iran nuclear deal.
An Auto Compromise
As NAFTA renegotiation talks continue, Mexico has come to the table with a compromise on auto content, Bloomberg reported.
According to the report, Mexican negotiators have put forward a 70% figure for automotive content, which would represent an increase from the current level (62.5%) but is lower than the more recent 75% level proposed by U.S. negotiators.