This Morning in Metals: China Posts Record Steel Output in May
This morning in metals news, China produced record steel output in May, ThyssenKrupp is looking to renegotiate its joint venture with Tata Steel, and China threatens to scrap trade deals with the U.S. as the latter gets ready to reveal of a list of Chinese goods that would be targeted for tariffs.
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Chinese Steel Output in May
Despite a government campaign to curb pollution, Chinese steel production hit a record high in May, Reuters reported.
Production hit 81.13 million tons last month, according to the report.
ThyssenKrupp Wants to Renegotiate Tata Deal
ThyssenKrupp and Tata Steel in September 2017 announced a deal to merge their European operations — but the Financial Times reported the German firm is now looking to renegotiate the deal.
Escalating Tensions
Trade deals between the U.S. and China will be scrapped if the U.S. moves forward with previously announced plans to impose at least $50 billion in tariffs on Chinese goods, according to a CNBC report.
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The deals, reached in efforts to deescalate trade tensions, included pledges to buy more U.S. soybeans and natural gas, according to the report.
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