This morning in metals news: U.S. steel capacity utilization jumped to 73.2% last week; ArcelorMittal signed an investment agreement with Invitalia; and, lastly, the Aluminum Association congratulated two of President-elect Joe Biden’s cabinet nominations.
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U.S. steel capacity utilization rate up to 73.2%
The U.S. steel capacity utilization rate for the week ended Dec. 19 reached 73.2%.
The rate marked an increase from 70.9% the previous week.
Furthermore, production during the week ended Dec. 19 totaled 1.62 million net tons, up 3.3% from the previous week.
ArcelorMittal announces investment with Invitalia
Aside from capacity utilization rates, steelmaker ArcelorMittal earlier this month announced they have signed an investment agreement with Italian state-owned company Invitalia.
“The Investment Agreement will result in a recapitalization of AM InvestCo, ArcelorMittal’s subsidiary which signed the lease and obligation to purchase agreement for Ilva’s business,” ArcelorMittal said in a release.
Furthermore, Invitalia will invest €400 million by Jan. 31, 2021. In addition, it will invest an additional €680 million on closing of AM InvestCo’s purchase of Ilva’s business.
Aluminum Association on DOE, EPA cabinet picks
Lastly, the Aluminum Association recently offered praise for President-elect Joe Biden’s appointments to lead the Department of Energy and the Environmental Protection Agency, former Michigan Gov. Jennifer Granholm and North Carolina Department of Environmental Quality Secretary Michael Regan, respectively.
“The Aluminum Association congratulates Governor Granholm and Secretary Regan and looks forward to working with them and their respective teams on a variety of issues to ensure strong, sustainable manufacturing in the United States,” the Aluminum Association said in a release. “Aluminum is a key element of any comprehensive strategy to conserve energy, improve environmental quality and mitigate climate change – making vehicles more efficient, buildings greener and packaging more recyclable.”
In addition, the Aluminum Association highlighted aluminum’s role in “green infrastructure” development.
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