This Morning in Metals: Chinese Steel Exporters Pursue New Buyers
This morning in metals news, Chinese steel exporters are looking for new destinations for their products, U.S. Steel is planning on restarting another Illinois blast furnace and steel production is up 1.9% in the year to date.
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Looking For Buyers
On the heels of U.S. trade actions, Chinese steelmakers are looking to find buyers in Africa and South America for their products, Reuters reported.
According to the report, Chinese exports to markets like South Korea and Vietnam have dropped by double digits since last year.
U.S. Steel to Restart Another Blast Furnace in Illinois
After an announcement of the restarting of a blast furnace earlier this year, on Tuesday U.S. Steel announced plans to restart another blast furnace at its Granite City plant in Illinois, MarketWatch reported.
The steelmakers plans to have the furnace up and running by Oct. 1, bringing on 300 more workers in the process, according to the report.
Steel Production on the Rise
U.S. steel production for the year to date is up 1.9%, the Times of Northwest Indiana reported, citing American Iron and Steel Institute (AISI) data.
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For the week ending June 2, production was up 0.76% from the previous week, according to the report.
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