This morning in metals news: the MetalMiner December update to the Annual Outlook report is now out; the U.S. steel capacity utilization rate fell to 70.9% for the week ended Dec. 12; and Alcoa last month announced plans to sell its rolling mill business.
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December MetalMiner Annual Outlook update
In September, MetalMiner released its Annual Outlook report, which covers a wide range of price drivers and trends buyers could expect to see in the year ahead.
Of course, amid newsevents and data, that outlook gets updated throughout the year.
We just recently published the Q4 update to our Annual Outlook report – where we discuss the current state of the metals market and what it means for your buying behavior. Visit the Annual Outlook landing page for more details and information on how to subscribe.
U.S. steel capacity utilization falls to 70.9%
The U.S. steel sector’s capacity utilization rate dropped to 70.9% for the week ended Dec. 12, the American Iron and Steel Institute (AISI) reported.
The rate fell from 71.4% the previous week. Furthermore, production during the week ended Dec. 12 totaled 1.57 million net tons, down 0.8% from the previous week. Meanwhile, output fell 13.7% year over year.
Alcoa to sell rolling mill business
Late last month, Alcoa announced it will sell its rolling mill business to Kaiser Aluminum.
The sale comes for $587 million in cash and $83 million in postretirement employee benefit liabilities.
The parties are expected to close on the sale by the end of Q1 2021, pending regulatory approvals.
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