This morning in metals news, Tata Steel is closing some of its operations in the U.K., copper is down to a two-year low and the Dow Jones dropped on the heels of the latest round of tariffs going into effect Sept. 1.
Tata Steel Announces U.K Closures
Tata Steel will close several of its U.K. operations, Reuters reported, with approximately 400 job losses on the line.
Among the closures is Tata’s Orb Electrical Steels plant in South Wales, according to the report.
The copper price has fallen to its lowest level since mid-2017, Bloomberg reported.
LME copper dropped 1.8% to $5,520 per ton on Tuesday, according to Bloomberg.
Stocks Fall as Latest Tariffs Take Hold
Stock markets were down days after the latest round of tariffs between the U.S. and China went into effect.
The new duties went into effect Sept. 1. The Dow Jones traded down 1.1% on Tuesday, while the S&P 500 was down 0.7% and the Nasdaq Composite retreated 0.5%, according to CNBC.