This morning in metals news, JSW Steel USA announces it will add 1,000 jobs, India announces retaliatory tariffs in response to the U.S. steel tariff and aluminum tariffs, and the copper price fell for a second straight week.
JSW Announces New Jobs
JSW Steel USA announced it would be investing $1 billion in two locations and hiring 1,000 jobs in the process, CNBC reported.
The firm announced the investment would be in Mingo Junction, Ohio, and Baytown, Texas. CEO John Hritz credited the Trump administration’s Section 232 tariffs for helping the company to expand, according to the report.
India Strikes Back at U.S. Tariffs
The U.S. steel and aluminum tariffs unsurprisingly sparked off a series of announcements from around the world regarding intentions by other countries to retaliate.
India is the latest country to join the list, announcing its intended regimen of retaliatory tariffs this week. According to the Financial Times, India has identified $240 million in U.S. goods to be targeted for tariffs, including chickpeas, walnuts, almonds and lentils.
Copper Falls Again
The copper price fell for the second straight week, Reuters reported.
The LME price fell 3.1% this week, while Shanghai copper fell 3.3%, according to the report.