This Morning in Metals: U.S. Steel Announces $750M Investment in Gary Plant
This morning in metals, U.S. Steel announced a large investment at its flagship steel plant, the U.S. and China will resume talks on trade, and copper is set to finish the week with its biggest weekly loss since early July.
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U.S. Steel Announces $750M Investment
U.S. Steel announced it plans to invest $750 million in its flagship plant in Gary, Indiana, the Chicago Tribune reported Thursday.
According to the report, the firm credited the Trump administration’s trade policies in helping to facilitate the company’s modernization of its plants, while President and CEO David Burritt said the company is experiencing a “renaissance.”
U.S., China to Restart Trade Talks
Trade tensions between the U.S. and China have continued to grow, as the U.S. has in recent weeks imposed a total of $50 billion in tariffs ($16 billion of which will go into effect Aug. 23), with China responding in kind.
According to several reports, officials from the two countries plan to meet later this month to talk trade in hopes of deescalating the situation.
Copper Slides Again
It has been a tough couple of months for copper, which continued its slide this week, posting its biggest weekly loss since early July, Reuters reported.
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According to the report, the LME copper price fell 4.5% this week.
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