This Morning in Metals: China’s May Steel Output Hits Record High

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This morning in metals news, China’s May steel output surged, Thyssenkrupp named a new chairman of the executive board of its steel business and President Donald Trump continues to push for approval of the United States-Mexico-Canada Agreement (USMCA).

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China’s Steel Output Soars

China’s May steel output surged to a record high, Reuters reported, up to 89.09 million tons.

The May output marked an increase from the 81.13 million tons produced in May 2018.

Thyssenkrupp Names New Steel Business Chairman

On the heels of the cancelation of a proposed joint venture of the European steel operations of Thyssenkrupp and Tata Steel, the former had named a new chairman of its steel business.

The German firm announced Premal Desai will take over as chairman of the executive board of Steel Europe AG.

USMCA Update

The USMCA remains pending, as the trade agreement requires ratification by the legislatures of the U.S., Canada and Mexico.

On Thursday, President Donald Trump said approval of the deal is up to the U.S.

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Referring to Congress, Trump was quoted by Reuters as saying, “Hopefully they can act quickly because we could have that done very, very fast if we can get support from, really, the Democrats in Congress, (House Speaker) Nancy Pelosi, they have to put the bill forward.”

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