This morning in metals news: the US steel sector’s steel capacity utilization rate dipped to 75.2% last week; meanwhile, Tata Steel reported its highest ever consolidated quarterly EBITDA; and, lastly, the Metals Service Center Institute (MSCI) launched a new campaign advocating for infrastructure investment.
Steel capacity utilization down to 75.2%
The US steel sector’s capacity utilization rate for the week ending Feb. 6. fell to 75.2%, the American Iron and Steel Institute (AISI) reported.
The rate fell from 76.1% the previous week.
Output during the week ending Feb. 6 reached 1.71 million net tons, a 7.5% year-over-year decline. Meanwhile, the week’s output declined by 1.2% from the previous week.
Furthermore, year-to-date production totaled 9.1 million net tons. The total marked a 9.3% year-over-year decline. Meanwhile, capacity utilization for the period reached 75.8%, down from 82.2% during the same period in 2020.
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Tata reports record quarterly EBITDA
Aside from steel capacity utilization in the US, India’s Tata Steel announced a record consolidated EBITDA for the quarter ending Dec. 31, 2020.
Tata’s consolidated EBITDA jumped 55% from the previous quarter to Rs. 9,540 crores (US $131 million).
In addition, crude steel production totaled 4.6 million tons, or up 3% year over year.
“The recovery in the global and Indian economy has led to sharp improvement in steel demand in India,” said T V Narendran, Tata Steel’s CEO and managing director, in the earnings announcement. “We pivoted our deliveries to domestic markets, to cater to the requirements of our local customers by reducing exports.”
MSCI launches infrastructure campaign
The Metals Service Center Institute (MSCI) has launched a new campaign aimed at promoting investment in infrastructure.
“Public and private investment in infrastructure will create jobs all along the industrial metals supply chain, and with the economy struggling due to COVID-19, there is no better time to invest,” the MSCI said in its announcement. “That’s why MSCI has launched a new campaign, Build Now, that asks our member company leaders and employees – and their customers, family members and neighbors – to share stories about why government leaders must invest in bridges, hospitals, schools, and other infrastructure.”
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