This morning in metals news, the E.U. could slap new duties on steel imported from Turkey, Australian energy exports to China have surged and union representatives questioned Alcoa’s efforts to keep its Ferndale, Washington smelter running.
E.U. mulls tariffs on Turkish steel
The European Union could be set to slap new tariffs on Turkish steel amid complaints from top steelmakers ArcelorMittal and Thyssenkrupp AG, Bloomberg reported.
The European Commission has opened a dumping inquiry vis-a-vis hot-rolled coil from Turkey, according to Bloomberg.
Australia’s coal, gas and iron ore exports to China surge
Australia’s energy export levels to China have surged recently, the Sydney Morning Herald reported, in spite of rising tension between the two countries over Australia’s call for an inquiry into the origins of the COVID-19 pandemic.
Meanwhile, China has put pressure on other sectors, including Australia’s beef and barley sectors, raising tensions between the two countries.
Union critical of Alcoa’s Ferndale approach
Alcoa recently announced it would idle its Intalco smelter in Ferndale, Washington, marking another piece of fallout from the COVID-19 crisis’ demand destruction and “declining market conditions.”
Alcoa said it would curtail the remaining 230,000 tons of capacity at the smelter, where 700 are employed. The plant recorded a net loss of $24 million in the first quarter, according to Alcoa.
However, union representatives say the company did not fight hard enough to keep the facility open, the Seattle Times reported.