This Morning in Metals: Steel Imports Down 10.6% Through July
This morning in metals news, U.S. imports of steel are down 10.6% for the first seven months of the year, U.S. Steel plans to idle its East Chicago plant, and China will raise tariffs on imports of copper scrap and aluminum scrap from the U.S.
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Steel Imports Down 10.6%
U.S. imports of steel dropped 11% during the first seven months of the year compared with the first seven months of 2018, the American Iron and Steel Institute (AISI) reported.
The U.S. imported an estimated 3.03 million tons of steel in July, which marked a 48.3% increase from the previous month.
For the first seven months of the year, imports totaled 18.67 million tons, down 10.6% from import levels for the first seven months of 2018.
U.S. Steel to Idle East Chicago Plant
U.S. Steel announced it will idle its East Chicago plant by mid-November, CNBC reported, which could lead to 150 layoffs.
Shares of U.S. Steel fell 5.3% on Friday, according to the report.
China to Raise Tariffs on Copper, Aluminum Scrap
As trade tensions between the U.S. and China drag on with no apparent end in sight, China announced it will raise its tariffs on imports of U.S. copper scrap and aluminum scrap, Reuters reported.
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China will add an extra 5% to existing tariffs on the scrap metals effective Dec. 15, according to Reuters.
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