This morning in metals news: U.S. Steel sold the Keystone Industrial Port Complex for $160 million; ArcelorMittal and Nippon Steel will build a new electric arc furnace at their joint venture in Alabama; and, finally, the aluminum price has retraced slightly in December.
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U.S. Steel sells Keystone Industrial Port Complex
U.S. Steel recently announced it has closed on the sale of its Keystone Port Industrial Complex in Fairness Hills, Pennsylvania.
The sales of the “non-core real estate asset” comes for $160 million.
ArcelorMittal, Nippon Steel to build Alabama EAF
Nippon Steel said it and ArcelorMittal would bring a new electric arc furnace to their joint venture in Calvert, Alabama.
The steelmaker it expects production to begin in the first half of 2023.
The Calvert facility is a 50:50 joint venture of the two firms.
“Calvert currently produces steel sheet products by processing semi-finished products (slabs) procured from domestic and overseas suppliers,” Nippon Steel said in a Dec. 22 announcement. “With the newly-built EAF, Calvert will be able to manufacture by itself part of slabs necessary to produce its steel sheet products and will strive for further strengthening its competitiveness through advantages of the self-manufacture, such as shortening lead time in slab procurement, improving its productivity through utilization of self-manufactured high temperature slabs, and increasing the domestic procurement ratio of slabs.”
Aluminum pulls back
Like many metals, aluminum has been on a steady rise since May.
However, in December, aluminum has pulled back a little bit.
The LME three-month aluminum price remains up 2.2% month over month after closing last week at $2,025 per metric ton. Meanwhile, the metal started the month just north of $2,060 per metric ton.
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