This morning in metals news: Nucor Corporation announced plans to build a new tube mill in Kentucky; meanwhile, US retail gasoline prices have been on the rise; and, lastly, unemployment rates in February fell in 23 states.
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Nucor to build new tube mill
Nucor recently announced plans to build a new tube mill in Kentucky near its Gallatin sheet mill.
The steelmaker said it will invest $164 million into the project, which will be operational in 2023.
“The new tube mill will have the capacity to produce approximately 250,000 tons of hollow structural section (HSS) steel tubing, mechanical steel tubing and galvanized solar torque tube,” Nucor said. “The Kentucky location puts the new tube mill near expanding solar markets in the U.S. and the largest consuming regions for HSS steel tubing.”
Retail gas prices on the rise
To the chagrin of motorists heading to the pump, retail gas prices have continued to rise.
US retail gasoline prices averaged $2.85 per gallon as of Monday, the Energy Information Administration reported.
“U.S. gasoline prices have generally increased since reaching a multiyear low of $1.77/gal in late April 2020, primarily because of higher crude oil prices and higher wholesale gasoline margins,” the EIA reported. “Prior to this week’s small decline, U.S. gasoline prices increased for 17 consecutive weeks in EIA’s survey, marking the longest consecutive streak of price increases since 1994.”
Unemployment rates down in 23 states
The February unemployment rate declined in 23 states, the Bureau of Labor Statistics reported.
Unemployment rates increased in four states and were stable in 23 states.
On a year-over-year basis, however, nonfarm payroll employment fell in 48 states and the District of Columbia.
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