This Morning in Metals: US trade deficit jumps 9.2% in September
This morning in metals news: the U.S. trade deficit in September jumped 9.2% from the previous month; meanwhile, Rio Tinto is partnering with Carbfix on carbon capture and storage technology; and, lastly, Norsk Hydro is investing in a new automotive extrusion press in China.
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US trade deficit rises in September
The U.S. trade deficit jumped to $96.3 billion in September, the Census Bureau reported.
The September figure jumped from $88.2 billion in August.
Meanwhile, wholesale inventories reached $739.5 billion at the end of September, up 1.1% month over month. The September total increased 12.7% year over year.
Rio Tinto partners on carbon capture, storage
Miner Rio Tinto said it is partnering with Carbfix on technology for carbon capture and storage.
They plan to collaborate on carbon storage underneath the ISAL aluminum smelter in Iceland.
“Under a Memorandum of Understanding (MoU) for a strategic partnership, Carbfix will use Rio Tinto’s land surrounding the ISAL smelter for onshore CO2 injection in the world’s first carbon mineral storage hub, the Coda Terminal. Liquified CO2 will be imported by ship from industrial sites across North Europe for storage,” Rio Tinto said.
“With safe and economic carbon storage at its doorstep, Rio Tinto views ISAL as an ideal site to become the first smelter where carbon capture and storage is implemented in the aluminium industry.”
Norsk Hydro to invest in new automotive extrusion press in China
Lastly, Norsk Hydro announced it is investing NOK 390 million (U.S. $46.4 million) to build a new automotive extrusion press in China.
The investment will expand Hydro’s Suzhou plant and add a new P60 12-inch press.
“We’ve succeeded in building a platform in China toward the e-vehicle market, but we need more capacity to satisfy the market’s demand for high-end and safety-critical components,” said Paul Warton, executive vice president and head of Hydro’s extrusions business. “This is directly in line with our strategy and it is why we are making this investment now.”
Those automotive components include crash management systems (e.g., bumper beams and crash boxes), side sill inserts, side beams and longitudinal beams.
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