This Morning in Metals: Constellium reports Q1 revenue down 6%
This morning in metals news, Constellium’s Q1 revenue fell 6% year over year, Nucor CEO Leon Topalian said the steelmaker will continue to give out dividends and the United States-Mexico-Canada Agreement (USMCA) will go into effect July 1.
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Constellium revenue down 6%
Paris-based Constellium reported it had recorded first-quarter revenue of €1.4 billion, which was down 6% compared with Q1 2019.
“The Covid-19 pandemic has introduced a new set of challenges for Constellium, but we remain confident in our ability to navigate through the crisis,” CEO Jean-Marc Germain said. “Our first priority is the health and safety of our employees and their families. To this end, we have implemented a number of initiatives at our manufacturing sites to protect our employees. We also remain highly focused on meeting the demand of our customers in critical industries such as beverage, food, healthcare, national defense, and transportation.”
Nucor to continue dividends
Despite the challenges presented by the COVID-19 pandemic, steelmaker Nucor will continue to give out dividends to its shareholders, CEO Leon Topalian told CNBC.
“We’ve been providing a dividend since I was five years old and I’m not going to be the first CEO in Nucor’s history to stop that,” Topalian was quoted as saying. “That will continue.”
USMCA to go into effect July 1
The USMCA will finally go into effect July 1, as United States Trade Representative Robert Lighthizer informed Congress that Canada and Mexico have taken necessary steps to comply with the agreement.
After passing through both houses of Congress late last year, Canada remained the last of the three countries to approve the USMCA, the successor to the 1994 North American Free Trade Agreement (NAFTA); the Canadian Parliament voted to ratify the agreement in mid-March.
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“The USMCA’s entry into force marks the beginning of a historic new chapter for North American trade by supporting more balanced, reciprocal trade, leading to freer markets, fairer trade, and robust economic growth in North America,” the USTR said in a release. “The Agreement contains significant improvements and modernized approaches to rules of origin, agricultural market access, intellectual property, digital trade, financial services, labor, and numerous other sectors. These enhancements will deliver more jobs, provide stronger labor protections, and expand market access, creating new opportunities for American workers, farmers, and ranchers.”
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