This morning in metals news, Nucor announced a major investment toward a new steel plate mill in Brandenburg, Kentucky, steel CEOs ask the Trump administration to maintain the Section 232 duty on steel, and copper prices moved up as U.S.-China trade talks resumed today.
Nucor Announces Kentucky Investment
Nucor Corporation is making a $1.35 billion investment toward a new steel plate mill in Brandenburg, Kentucky, the steelmaker announced Wednesday.
According to a company release, the mill is expected to have an annual capacity of 1.2 million tons and will be fully operational in 2022.
“This strategic investment will enable us to build a clear market leadership position in the U.S. plate market. Kentucky is an excellent location for this mill, right in the center of America’s largest plate consuming region,” said John Ferriola, chairman, CEO and president of Nucor Corporation, in a prepared statement. “Our acquisition of the Gallatinsheet mill in Ghent, Kentucky five years ago has been a tremendous success, and we are pleased to add a second mill in the state.”
Steel Executives Urge Trump Administration to Keep Steel Tariffs
With news this week that the Senate is planning on putting forth a bill that will target the president’s Section 232 authority, executives of domestic steel companies are asking the Trump administration to hold firm on maintaining the existing duties on steel imports.
“Now is not the time to blink,” U.S. Steel CEO David Burritt was quoted as saying during a hearing Wednesday, according to Reuters. “Section 232 must continue to be applied to all countries, especially the largest import sources, whether that’s a tariff or a hard quota. Even our best allies can be conduits for foreign steel from China or elsewhere.”
Copper Up on Trade Talks
The price of copper made gains Thursday as the U.S. and China reconvened for trade talks in Beijing today, Reuters reported.
In addition, protests at a Peru copper mine fueled concerns about supply disruption, according to the report.
LME copper rose 0.6% to $6,372 per ton, according to the report.