This morning in metals news, the parent company of Japan’s second-largest steelmaker said the U.S. steel tariff on steel had yet to impact its exports, Novelis breaks ground on a new automotive aluminum facility in Kentucky and a NAFTA deal is unlikely to happen by the May 17 deadline put forth by U.S. House Speaker Paul Ryan, according to the Mexican economy minister.
JFE President: U.S. Tariff Hasn’t Impacted Firm’s Steel Exports
According to Eiji Hayashida, president of JFE Holdings Inc. (the parent company of Japan’s second-biggest steelmaker), the U.S. tariff on steel has yet to impact its exports, but that U.S. trade policy in general poses the biggest risk to the Japanese economy, Reuters reported.
Hayashida said the biggest threat to Japan’s economy is “Trump risk,” according to the report.
Novelis broke ground on a new $300 million automotive aluminum facility in Kentucky, Business Facilities reported.
The facility is scheduled to open in 2020, according to a Novelis release, and will boast an annual nameplate capacity of 200,000 metric tons.
NAFTA Deal This Week? Unlikely, Says Mexican Economy Minister
Earlier this month, U.S. Trade Representative Robert Lighthizer said he wanted to see a deal on the North American Free Trade Agreement (NAFTA) this month, with House Speaker Paul Ryan setting a May 17 deadline for a deal in order for it to be approved by the current Congress.
According to Mexican Economy Minister Ildefonso Guajardo on Tuesday, however, a deal is unlikely to happen this week, but that it could happen this year, Reuters reported.