This Morning in Metals: Steel capacity utilization rate falls to 51.1% last week

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This morning in metals news, the U.S. steel sector’s capacity utilization rate fell to 51.1% for the week ending May 2, Cleveland-Cliffs’ AK Steel Dearborn Works will be shuttered, and the U.S. Department of Commerce will self-initiate a Section 232 investigation of imports of laminations and wound cores for incorporation into transformers, electrical transformers, and transformer regulators. 

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Capacity utilization hits 51.1%

The U.S. steel sector’s capacity utilization rate for the week ending May 2 fell to 51.1%, the American Iron and Steel Institute (AISI) reported this week.

Production for the week totaled 1.14 million tons, which marked a 39.4% year-over-decline.

Cleveland-Cliffs to close AK Steel Dearborn

Cleveland-Cliffs, which earlier this year acquired AK Steel, will permanently close the AK Steel Dearborn works later this year.

The shutdown will go into effect July 5 and will impact 343 employees, according to Cleveland-Cliffs.

DOC self-initiates Section 232 for laminations, wound cores

The Department of Commerce will self-initiate a Section 232 probe covering imports of laminations and wound cores used in transformers, electrical transformers and transformer regulators.

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“The Department of Commerce will conduct a thorough, fair, and transparent review to determine the effects on the national security from imports of laminations for stacked cores for incorporation into transformers, stacked and wound cores for incorporation into transformers, electrical transformers, and transformer regulators,” Secretary of Commerce Wilbur Ross said.

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