This Morning in Metals: E.U. Expresses Pessimism About Section 232 Exemption

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Andrey Kuzmin/Adobe Stack

This morning in metals news, the E.U. is reportedly getting ready for the U.S. Section 232 tariffs to go into effect, U.S. raw steel production was up last week and Rio Tinto asked the Mongolian government to fulfill contract stipulations related to the firm’s copper mining project in the country.

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E.U. Not Optimistic About Section 232 Exemption

According to an Associated Press report, the E.U. has expressed doubt that it will win a long-term exemption from the U.S.’s Section 232 steel and aluminum tariffs.

“There have been signals from the U.S. that the exemptions will not be prolonged. So either they will be imposed on us the first of June, or there will be other sorts of limiting measures,” E.U. Trade Commissioner Malmstrom was quoted as saying.

Steel Production Rises

U.S. raw steel production for the week ending May 19 was up 3.3% from the same week last year, according to the American Iron and Steel Institute (AISI).

Production for the week was also up 1.6% from the previous week ending May 12.

Rio Tinto Asks Mongolian Government to Fulfill Copper Mine Contracts

According to a Reuters report, Rio Tinto has asked the Mongolian government to honor contracts related to its copper mine project in the country.

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According to the report, the government has arrested officials on account of possible misuse of power related to the contracts for the Oyu Tolgoi mine.

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