This Morning in Metals: E.U. Opens Investigation of Steel from China
This morning in metals news, the E.U. opened a new steel investigation, turnover at Russian aluminum giant Rusal and Novelis announces a major investment.
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E.U. Investigates Chinese Steel
According to Reuters, the E.U. has launched a new investigation of Chinese hot-rolled steel sheet piles coming into Europe.
The E.U. already has 17 anti-dumping or anti-subsidy measures in place on various forms of steel, according to the report.
Rusal CEO, Directors Quit
The Russian aluminum firm, recently in the news for being one of the Russian companies hit with U.S. sanctions, announced Thursday that its CEO and seven of its directors have stepped down, according to a CNN report.
According to the report, Rusal’s stock was up 7% after the announcement, but is still down significantly from its level before the U.S. sanctions were announced.
Novelis Plans New Investment in China
American aluminum firm Novelis announced it plans to invest $180 million to augment its Chinese automotive body sheet capacity, Reuters reported.
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Per the report, the investment would lead to an additional 100,000 tons of capacity at the firm’s Changzhou plant.
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