This morning in metals news: Rio Tinto said it had reached an agreement with the union representing workers at its BC Works; the Census Bureau reported new orders for manufactured durable goods increased in August; and, lastly, oil prices rose last week.
More MetalMiner is available on LinkedIn.
Rio Tinto, BC Works union reach deal
After a work stoppage at its BC Works, Rio Tinto announced it had reached an agreement in principle with the union representing workers there.
“Both parties are satisfied that the proposed Agreement will provide a foundation for respect in the workplace and underpin a competitive and sustainable future for BC Works, benefitting employees and their families, the company, and the broader community,” Rio Tinto said.
“In addition to the CLA, the parties have also reached an agreement in principle for a Memorandum of Understanding on a new way of working together and on a return to work protocol.”
About 900 workers went on strike at the plant in late July. The two parties returned to the negotiating table late last month.
BC Works has capacity of 329,000 tons of aluminum per year.
Durable goods orders rise in August
The Census Bureau reported new orders for manufactured durable goods increased in August.
New orders jumped by 1.8% from July to August, reaching $263.5 billion. New orders increased in 15 of the last 16 months.
Meanwhile, broken down further, new orders for transportation equipment increased by 5.5%.
Oil price gains
In energy news, the WTI crude price showed upward momentum last week.
The price closed Friday at $73.98 per barrel, the Energy Information Administration reported. Crude gained by $2.01 per barrel from the previous week. Furthermore, the crude price is up by $33.67 per barrel from a year ago.
With volatile steel markets, knowing which strategy to execute and when can make all the difference between saving and losing money. See how MetalMiner looks at different market scenarios.