This morning in metals news, the copper price fell Tuesday, U.S. steel mills have produced at a capacity rate of 80.7% through Feb. 16 and a $1.8 billion steel mill could be coming to Texas.
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With renewed U.S.-China trade talks scheduled today, the price of copper dropped, Reuters reported.
LME copper fell 0.6% to $6,245 per ton, according to the report.
Capacity Utilization Rate
U.S. steel mills posted a capacity utilization rate of 80.7% for the year through Feb. 16, according to the American Iron and Steel Institute’s weekly steel production report.
Adjusted year-to-date production through Feb. 16 hit 12.7 million net tons, up 8.4% from the 11.8 million net tons during the same period last year at a capability utilization rate of 75.7%.
Steel Dynamics Plant Search
San Patricio County in south Texas is in the mix for a new $1.8 billion steel plant in the works from Steel Dynamics, according to the Corpus Christi Caller Times.
In November, Steel Dynamics announced plans to build a new organic flat roll steel mill with an annual capacity of 3.0 million tons. The mill was expected to create about 600 jobs, according to the steelmaker.
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“The company currently expects to locate the facility in the southwestern United States, to cost effectively serve not only the southern United States, but also the underserved Mexican flat roll steel market,” the company said in a release. “Determination of the final site location is subject to state and local government infrastructure and incentive support. Upon final site selection and the receipt of required environmental and operating permits, the company would expect to begin construction in 2020, followed by the commencement of operations in the second half of 2021.”