This morning in metals news: U.S. steel capacity utilization dipped to 84.8% last week; meanwhile, General Motors signed a memorandum of understanding with GE Renewable Energy to develop a rare earths supply chain; and, lastly, the United States Trade Representative commented on potential targeted exclusions for the Section 301 tariffs on Chinese goods implemented during the Trump administration.
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US steel capacity utilization at 84.8%
U.S. steel capacity utilization fell to 84.8% for the week ending Oct. 2, the American Iron and Steel Institute reported.
The rate dipped from 85.2% the previous week. Meanwhile, steel output last week totaled 1.87 million net tons, AISI reported. The total marked a 0.4% decline from the previous week but a 21.6% year-over-year increase.
Production in the year to date reached 71.4 million net tons, up 20.3% year over year.
GM, GE Renewable Energy sign MoU
General Motors and GM Renewable Energy have signed a memorandum of understanding (MoU) through which they will work to develop a supply chain for rare earths and other materials needed for electric vehicles and renewable energy.