This Morning in Metals: GM to ramp up production of pickups, SUVs
This morning in metals news, General Motors is planning to increase production of its popular pickups and SUVs, U.S. Steel announced a long-term iron ore supply deal, and copper prices have made some gains today.
GM increases production of pickup trucks, SUVs
As automakers resumed production last month, General Motors has opted to ramp up production of its profitable SUVs and pickup trucks, CNBC reported.
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According to the report, GM plants that produced pickup trucks will operate under three shifts (i.e., at pre-coronavirus levels).
U.S. Steel signs iron ore supply deal
U.S. Steel has inked a long-term iron ore supply deal with a Canadian firm, the Northwest Indiana Times reported.
U.S. Steel will provide iron ore to Algoma Steel, which is based in Ontario, Canada.
Copper makes gains
Copper prices made gains Monday in reaction to Chinese manufacturing data and markets’ positive response to President Donald Trump’s comments regarding China and Hong Kong, Reuters reported.
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Three-month LME copper was up 1.3% to $5,444.50 per ton as of 07:02 GMT, according to Reuters.
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