This morning in metals news: U.S. steel capacity utilization reached 85.0% for the week ending July 31; meanwhile, U.S. energy intensity has dropped by about half since 1983; and, lastly, compensation costs for U.S. civilian workers rose by 0.7% from March to June.
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Steel capacity utilization continues to rise
The U.S. steel capacity utilization rate continues to rise, reaching 85.0% for the week ending July 31, the American Iron and Steel Institute (AISI) reported Monday.
Production during the week totaled 1.88 million net tons. Meanwhile, output rose by 0.4% from the previous week, when the rate touched 84.6%.
For the year to date, output totaled 54.6 million net tons, up 19.1% year over year.
US energy intensity down by half since 1983
U.S. energy intensity has declined by half since 1983, the Energy Information Administration reported.
“Energy intensity—calculated as total energy consumption divided by real gross domestic product (GDP)—is a common energy indicator and efficiency measure,” the EIA said. “In 2020, U.S. energy intensity reached a low of 5.05 thousand British thermal units (Btu) per chained 2012 dollar, down 4% from the previous year and less than half as energy intensive as the United States was in 1983. Energy intensity varies greatly by state, and some states operate with much greater energy intensity than the U.S. average.”
Compensation costs rise
Compensation costs for civilian workers rose by 0.7% from March to June, the Bureau of Labor Statistics reported.
Meanwhile, compensations costs in June alone rose by 2.7% year over year and by 2.9% in the 12-month period ending in June.
Furthermore, compensation costs for private industry workers rose by 3.1% during the 12-month period.
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