This morning in metals news: Nucor Corporation announced it is adding a blast and plate line at its under-construction Kentucky plate mill; aluminum prices have stabilized somewhat after plunging in late October and early November; and, lastly, job openings rates decreased in 12 states in November.
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Nucor adds line at Kentucky plate mill
Nucor announced late last week that it is adding a blast and prime line at its plate mill in Brandenburg, Kentucky. The mill is currently under construction.
The line will have an annual capacity of approximately 120,000 tons.
“By adding a blast and prime line to our state-of-the-art plate mill, we will be able to better serve customers in key markets, including our Nation’s military, infrastructure, heavy equipment, offshore wind and other energy products,” said Johnny Jacobs, vice president and general manager of Nucor Steel Brandenburg.
Nucor is investing $1.7 billion in the Brandenburg mill.
Aluminum prices stabilize
Aluminum prices plunged in late October and early November, falling from a peak of around $3,200 per metric ton to as low as $2,500 per metric ton, according to MetalMiner Insights data.
Since early this month, however, aluminum prices have recovered somewhat.
The LME three-month aluminum price closed last week at $2,644 per metric ton. However, the price remained down over 17% from a month ago.
Job openings rates down in 10 states
Meanwhile, job openings rates declined in 10 states in September, the Bureau of Labor Statistics reported. Kentucky, Wyoming and Nevada saw the steepest declines in job openings rates.
Rates increased in eights states and held steady in 30 states.
Furthermore, hire rates increased in six states and declined in four states.
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