This morning in metals news: local union leaders have reportedly expressed optimism regarding this week’s announced sale of ArcelorMittal USA to Cleveland-Cliffs; the United States International Trade Commission will launch a Section 337 investigation covering electronic stud finders, metal detectors and electrical scanners; and the Bureau of Labor Statistics today released data on jobless rates.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.
Union leaders optimistic over ArcelorMittal USA, Cliffs merger
Earlier this week, we covered the announced merger of Cleveland-Cliffs and ArcelorMittal USA, with the former agreeing to acquire the latter for $1.4 billion.
According to the Post-Tribune of Northwest Indiana, local union leaders are optimistic the deal will be good for workers at the facilities included in the deal.
Mike Millsap, director of USW District 7, said USW’s relationship with Cleveland-Cliffs is “pretty good.”
With the acquisition, Cleveland-Cliffs would become the largest flat-rolled steel producer in North America.
USITC launches Section 337 probe
The USITC has launched a Section 337 investigation covering imports of electronic stud finders, metal detectors and electrical scanners.
Zircon Corporation of Campbell, California, filed a complaint Aug. 31, the USITC said in a release Wednesday.
Stanley Black & Decker, Inc., of New Britain, Connecticut, and Black & Decker (U.S.), Inc., of Towson, Maryland, are respondents in the investigation.
Nonfarm payroll employment falls in 254 metro areas
The Bureau of Labor Statistics today reported nonfarm payroll employment fell in 254 metropolitan areas over the last year.
The national unemployment rate in August reached 8.5%, up from 3.8% in August 2019.
The Lynn-Saugus-Marblehead area of Massachusetts posted the largest year-over-year employment decline, falling 14.6%. Meanwhile, employment in the Haverhill-Newburyport-Amesbury Town area of Massachusetts and New Hampshire fell 13.4%. Detroit-Dearborn-Livonia employment fell 12.4%.
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