This Morning in Metals: U.S. steel capacity utilization rate hits 81.8%

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This morning in metals news, the U.S steel sector posted a capacity utilization rate of 81.8% through the first two months of the year, a major copper conference has been canceled amid coronavirus concerns and a British Steel takeover deal has finally been reached.

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U.S. steel sector capacity utilization reaches 81.8%

The U.S. steel sector posted a capacity utilization rate of 81.8% for the year through Feb. 29, the American Iron and Steel Institute reported.

U.S. steel mills produced 16.35 million tons during the period, up 0.8% year over year.

Copper conference canceled

As governments and organizations around the world take measures to mitigate the spread of the coronavirus, Covid-19, a major copper conference has been canceled.

The Center for Copper Mining and Studies announced the Cesco Week Santiago and Cesco Dinner, scheduled for March 23-27, have been canceled.

“For the Center for Copper and Mining Studies, the welfare and safety of the attendees who participate each year in both Cesco Week Santiago and Cesco Dinner is our top priority,” the center said in a release Monday. “Due to the uncertainty generated by the current situation of Covid-19, we have made the difficult decision to cancel both events, which were scheduled between March 23 and 27, 2020.

“That said, this implies that both the World Copper Conference organized by CRU and Cesco Dinner will not take place this year.”

British Steel takeover deal reached

In a process dating back to last May, when the struggling British Steel was forced into liquidation, a takeover deal for the U.K.’s second-largest steelmaker has finally been agreed, the BBC reported.

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According to the BBC, China’s Jingye Group has reached a deal to take over British Steel, including its Scunthorpe and Teesside plants, saving approximately 3,200 jobs in the process.

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