This morning in metals news, U.S. Steel announced Thursday it plans to invest more than $1 billion at its Mon Valley Works facilities, Australian iron ore exports bounced back in April after being impacted by tropical cyclones in March and the zinc price fell to its lowest level in 2 1/2 months.
U.S. Steel Announces $1B Investment
U.S. Steel announced today that it plans to invest more than $1 billion to build a “new sustainable endless casting and rolling facility” at its Edgar Thomson Plant in Braddock, Pennsylvania, and a cogeneration facility at its Clairton Plant in Clairton, Pennsylvania.
“The cutting-edge endless casting and rolling technology combines thin slab casting and hot rolled band production into one continuous process and will make Mon Valley Works the first facility of this type in the United States, and one of only a handful in the world,” the steelmaker said in a release.
First coil production is expected in 2022, the company said.
Australian Iron Ore Exports Pick Up
The Australian iron ore sector was impacted in late March by a pair of tropical cyclones that battered Western Australia, disrupting exports of the steelmaking raw material.
However, exports of iron ore from Australia did bounce back in April, Reuters reported.
According to Reuters, exports rose 20% month over month in April, rising to 69.1 million tons of iron ore.
Zinc Price Falls
Zinc prices fell to their lowest levels since mid-March, Reuters reported, on concerns regarding demand and rising inventories.