This morning in metals news: EVRAZ will expand its Pueblo, Colorado plant to the tune of approximately $500 million; copper prices surged yesterday; and the Department of Commerce made a preliminary determination in its countervailing subsidy probe of small vertical engine imports from China.
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EVRAZ aims to expand Pueblo steel plant
EVRAZ North America plans to expand its steel plant in Pueblo, Colorado, the Denver Post reported. The expansion comes with a price tag of approximately $500 million.
The Rocky Mountain Steel plant produces rail, seamless pipe and coiled reinforcing bar.
According to the Post report, the expansion will generate 1,000 new jobs.
Copper prices gain
The copper price surged to a two-year high Tuesday, Reuters reported.
LME copper jumped 1.2% to $6,648/mt, per the report.
DOC makes vertical shaft engine ruling
The Department of Commerce issued a preliminary affirmative determination in its countervailing subsidy probe of small vertical engine imports from China.
The probe covers engines between 99cc and up to 225cc.
According to the DOC, imports of small vertical engines from China came in at a value of $43.6 million.
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