Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including steel sector news, the Biden administration’s release of a 250-page supply chain report and much more:
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Week of June 7-11 (steel sector news, Biden administration’s supply chain review and more)
- As contributor Christopher Rivituso reported, ArcelorMittal is expressing interest in Liberty Steel’s assets in France.
- Nucor Corporation announced it will acquire the insulated metal panels business of Cornerstone Building Brands.
- Automotive sales in the U.S. once again posted solid numbers in May.
- Aluminum prices retraced after peaking May 10, Maria Rosa Gobitz explained this week.
- Earlier this week, the Biden administration released a 250-page report summarizing agency heads’ findings and recommendations after executing 100-day supply chain reviews.
- Despite hopes that adverse conditions in the shipping market would ease, in many cases they’ve gotten worse, Stuart Burns explained.
- Novelis is teaming up with a Chinese university to develop innovative uses for aluminum in the automotive sector.
- Meanwhile, U.S. job openings reached a record high of 9.3 million in April, the Census Bureau reported.
- The Architecture Billings Index showed growth for the third straight month.
- The U.S. could consider launching a Section 232 probe covering neodymium magnets.
- The United States International Trade Commission issued determinations covering cut-to-length carbon steel plate.
- China’s 2030 peak coal target is having a dampening effect on new steel and aluminum smelter investment.
- The gold price posted some gains in May, while the 30-year Treasury yield fell to 2.21% earlier this week, its lowest since early March.
- Lastly, Tenaris announced the resumption of production at its steel plant in Koppel, Pennsylvania.
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