This morning in metals news, U.S. imports of steel dropped from May to June, Novelis is making a $2.6 billion acquisition, and President Donald Trump has agreed to work with the E.U. to remove trade barriers.
Steel Imports Drop
U.S. imports of steel fell 15.5% from May to June, the American Iron and Steel Institute reported this week.
Through the first six months of the year, imports were down 9.8% compared with the first six months of 2017.
Novelis to Buy Downstream Aluminum Producer Aleris
Aluminum firm Novelis Inc. announced it will buy downstream producer Aleris Corporation for a cost of $2.6 billion (including assumption of debt).
Aleris is a global supplier of rolled aluminum products.
“Acquiring Aleris is the right opportunity at the right time as they are set for transformational growth,” said Steve Fisher, president and CEO of Novelis, in a company release. “The significant investments they’ve made in the high-demand, high-value aerospace and automotive segments have resulted in favorable long-term, global contracts. These investments, coupled with a diverse and talented workforce, will add tremendous value to our organization and allow us to deliver the highest quality innovative aluminum solutions to our customers.”
Trump Says He Will Work With E.U. to Remove Trade Barriers
Recent weeks have been full of news about rising global trade tensions, but Wednesday President Trump hinted at the beginning of “a new phase” in relations with the E.U.
Trump said he had reached an agreement with European Commission President Jean-Claude Juncker on holding new talks to discuss removing tariff barriers between the U.S. and the 28-member bloc, USA Today reported.
According to the report, the agreement will include a European commitment to purchase more soybeans from the U.S.