This morning in metals news, China again emphasized its desire for a removal of tariffs toward the goal of an initial trade deal with the U.S., U.S. Steel has laid off more workers and a Taiwanese firm is planning to invest $100 million in a new Turkish steel factory.
Tariff Talks Continue
As U.S.-China trade talks continue, with the parties aiming to reach a “phase one” deal, China’s Commerce Ministry renewed a call for the removal of tariffs.
“The trade war was begun with adding tariffs, and should be ended by canceling these additional tariffs. This is an important condition for both sides to reach an agreement,” said Gao Feng, spokesperson for China’s Ministry of Commerce, according to a CNBC report.
More U.S. Steel Layoffs
In addition to layoffs at its Minnesota taconite plants and at its Granite City, Illinois plant, the steelmaker has also laid off workers at its Gary Works and Midwest Plant in Portage, Indiana, the Times of Northwest Indiana reported.
The steelmaker reported a net loss of $84 million in the third quarter, compared with net earnings of $291 million in Q3 2018.
Taiwan to Continue Investment in Turkey
According to a report in the Daily Sabah, the president of the Taiwan External Trade Development Council said the company will invest $100 million toward a new steel factory in northwestern Turkey.
Walter Yeh, president of the council, added Taiwan hopes to increase its trade volume with Turkey up to $2 billion, according to the report.