This Morning in Metals: Nucor to build new tube mill in Midwest

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stack of steel pipes

kasarp/Adobe Stock

This morning in metals news: Nucor announced plans to build a new tube mill in the Midwest; meanwhile, the Bureau of Labor Statistics released the Consumer Price Index summary for February; and the oil price pulled back slightly this week.

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Nucor to build new tube mill

Nucor Corporation said Tuesday its Board of Directors had approved a plan to build a new tube mill in the Midwest.

“Products from the new tube mill will capitalize on investments Nucor has already made in the Midwest including a plate mill, galvanizing line and hot roll expansion,” Nucor said. “The new tube mill is a continuation of Nucor’s focus on growth and commitment to sustainability and environmental stewardship.”

The steelmaker plans to invest $164 million in the new mill, which it says will come online in two years.

BLS releases Consumer Price Index summary

The Bureau of Labor Statistics released the Consumer Price Index summary for February, reporting the CPI For Urban Customers rose by 0.4%.

The all items index rose by 1.7% over the last year.

Meanwhile, the gasoline index surged by 6.4%, accounting for over half of the increase seen in the all items index.

The indexes for electricity and natural gas increased by 0.7% and 1.6%, respectively.

Oil price ups and downs

Longer term, oil prices have recovered after the massive price drops seen last year.

Brent crude crossed the $70 per barrel mark before retreating to just over $67 per barrel today.

The WTI crude price closed Tuesday at $64.01 per barrel, according to the Energy Information Administration. The price marked an increase of $4.26 per barrel from the previous week and an increase of $32.88 from a year ago.

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