This Morning in Metals: U.S. Steel Sector Gets a Downgrade from Credit Suisse
This morning in metals news, Credit Suisse has downgraded the outlook for the U.S. steel sector, a Turkish steel company CEO is optimistic the U.S. will roll back the recently doubled Section 232 metals tariffs and Brazilian miner Vale posted record Q3 iron ore output.
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Credit Suisse Downgrades U.S.’s Steel Sector
Citing oversupply, Credit Suisse downgraded its rating of the U.S. steel sector, Reuters reported.
According to the report, Credit Suisse downgraded the sector’s rating from “overweight” to “market weight.”
Turkish CEO Optimistic on Rollback of Doubled Section 232 Tariffs
Earlier this year, the U.S. doubled its Section 232 metals tariffs vis-a-vis Turkey, bringing them to 50% and 20% for steel and aluminum, respectively.
But one CEO of a Turkish steel firm is hopeful the tariffs will return to their original levels this week.
Ugur Dalbeler, CEO of Colakoglu Metalurji, said he was hopeful the decision would come down this week, according to S&P Global Platts.
Vale Posts Record Q3 for Iron Ore Production
It was a productive third quarter for the Brazilian miner’s iron ore operations.
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According to a Reuters report, Vale reported its iron ore output jumped 10.3% in the quarter compared to the previous year.
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