This morning in metals news: ArcelorMittal said it plans to make its Sestao plant zero carbon emissions; meanwhile, the Producer Price Index for final demand increased by 1.0% in June; and, lastly, U.S. steel prices continue to rise.
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ArcelorMittal announces aim to build zero-carbon-emissions Sestao steel plant
ArcelorMittal this week said it plans to make its steel plant in Sestao, Spain, the “world’s first full-scale zero carbon-emissions steel plant.”
“The development is the result of a memorandum of understanding signed today with the Government of Spain that will see an investment of €1 billion in the construction of a green hydrogen direct reduced iron (DRI) plant at its plant in Gijón, as well as a new hybrid electric arc furnace (EAF),” ArcelorMittal said.
The steelmaker said the new DRI plant will have capacity of 2.3 million metric tons. Of that total, 1 million metric tons would go to Sestao to be used as feedstocks in its electric arc furnaces (EAFs).
PPI up 1.0%
Elsewhere, the Producer Price Index (PPI) for final demand increased by 1.0% in June, the Bureau of Labor Statistics reported.
Furthermore, final demand increased 0.8% in May and by 0.6% in April.
“Nearly 60 percent of the June advance in the final demand index can be traced to a 0.8-percent increase in prices for final demand services,” the BLS added. “The index for final demand goods moved up 1.2 percent.”
US steel price gains
U.S. steel prices continue to rise (as Maria Rosa Gobitz explained in this week’s Raw Steels MMI report).
U.S. hot rolled coil closed Tuesday at $1,744 per short ton, or up 7.59% month over month. Cold rolled coil closed at $1,935 per short ton, or up 6.55%.
Hot dipped galvanized closed at $2,060 per short ton, up by 5.1%.
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