This morning in metals news: August 2020 steel shipments by U.S. steel mills fell 22.9% year over year; Norsk Hydro announced the termination of a memorandum of understanding; and, finally, the copper price made mid-week gains.
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August 2020 steel shipments
August 2020 steel shipments from U.S. mills fell by 22.9% on a year-over-year basis, the American Iron and Steel Institute (AISI) reported.
U.S. steel mills shipped 6.5 million net tons in August. The August total, however, marked an 8.2% increase from the previous month.
Furthermore, in the year to date, U.S. steel shipments reached 53.8 million net tons, down 17.0% compared with the first eight months of 2019.
Norsk Hydro terminates MOU
Norsk Hydro recently announced the termination of a memorandum of understanding (MOU) with Golar Power and CELBA.
The MOU included Hydro’s alumina refinery Alunorte, Golar Power Brasil Participações and Centrais Elétricas Barcarena (CELBA), with the ultimate goal of bringing liquified natural gas (LNG) to Hydro’s Alunorte refinery in Brazil.