This morning in metals news, British Steel is set to make a big investment, steel production for the week ending July 14 dropped from the previous week and BHP Billiton’s iron ore production is up.
British Steel to Invest £50M
According to the Financial Times, British Steel is set to drop £50 million into its Scunthorpe steelworks’ rod mill.
The firm’s earnings rose 48% in the 2018 financial year, per the report.
U.S. Steel Production Drops Last Week
According to the American Iron and Steel Institute (AISI), for the week ending July 14 domestic raw steel production was 1,783,000 net tons, at a capability utilization rate of 76.1%.
While the week’s production represents a 2.9% increase from the same period in the previous year, it marked a 0.5% decline from the previous week (ending July 7).
More Iron Ore
BHP Billiton’s iron ore output was up 3% for the year as June 30, according to data released by the mining firm Wednesday. Q2 2018 ore output was also up 10% compared with Q1 2018.
According to the announcement, the company exceeded full-year production guidance for copper, iron ore, petroleum and energy coal.