This Morning in Metals: ATI’s Section 232 Steel Tariff Exemption Request Denied

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The U.S. Department of Commerce. qingwa/Adobe Stock

This morning in metals news, a tariff exemption request by Allegheny Technologies, Inc., has been denied, miner Anglo-American saw its copper production rise in the first quarter and iron ore miners in the Indian state of Karnataka are stuck with millions of tons of unsold iron ore inventory.

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ATI Exemption Request Denied

The Trump administration last year imposed Section 232 tariffs on imported steel and aluminum, but allowed domestic firms to apply for exemptions if a certain product is not made domestically in the quality or quantity needed.

Thousands of exclusion requests have been approved to date. According to QuantGov, 21,464 steel exclusion requests had been approved as of March 18, 2019.

A request by Allegheny Technologies, Inc., however, was denied, the Pittsburgh Post-Gazette reported.

ATI released a statement expressing disappointment with the ruling.

“While we are disappointed that the U.S. Department of Commerce denied the JV’s Section 232 tariff exclusion request, it does not change our strategy of returning ATI’s Flat Roll Products segment to sustained profitability,” said Robert S. Wetherbee, ATI president and CEO. “Although we believe the unique status of the North American stainless steel industry warranted approval of our exclusion, we are committed to meeting our customers’ needs and delivering value to our shareholders. We will work with our joint venture partner to determine our next steps.”

Anglo-American Q1 Copper Output Rises

Miner Anglo-American announced its Q1 copper production rose 4% to 161,100 tons, Reuters reported.

The firm’s total output, however, fell 6% during the first quarter.

Karnataka Miners Stuck with 6.5M Tons of Iron Ore Inventory

Miners in the southwestern Indian state of Karnataka are stuck with 6.5 million tons of unsold iron ore, the Business Standard reported.

MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel

According to the report, unsold ore accounts for more than 20% of iron ore production during fiscal year 2019.

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