This morning in metals news, the U.S. steel sector’s capacity utilization rate for the week ending May 16 hit 52.7%, U.S. Steel announced an iron ore sales agreement and the United States International Trade Commission (USITC) is holding a five-year sunset review of duties on oil country tubular goods from several countries.
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Steel capacity at 52.7%
The U.S. steel sector churned out steel at a capacity utilization rate of 52.7% for the week ending May 16, the American Iron and Steel Institute (AISI) reported.
Production during the week totaled 1.18 million tons, down 1.9% from the previous week (when capacity utilization reached 53.7%).
U.S. Steel announces iron ore deal
U.S. Steel announced it had reached a long-term iron ore sales agreement with Algoma Steel.
The four-year deal will see U.S. Steel selling “substantial volumes of quality iron ore pellets” to the Ontario-based Algoma.
USITC to hold sunset review on oil country goods
The USITC is scheduled to hold a virtual meeting that will cover a five-year sunset review of duties on oil country tubular goods from India, Korea, Turkey, Ukraine and Vietnam.
“The Uruguay Round Agreements Act requires the Department of Commerce to revoke an antidumping or countervailing duty order, or terminate a suspension agreement, after five years unless the Department of Commerce and the USITC determine that revoking the order or terminating the suspension agreement would be likely to lead to continuation or recurrence of dumping or subsidies (Commerce) and of material injury (USITC) within a reasonably foreseeable time,” the USITC notes.
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The hearing, which will not be held in-person due to the COVID-19 pandemic, is scheduled for 9:30 a.m. on Thursday, May 21.