This morning in metals news, Steel Dynamics (NASDAQ:STLD)announced the site of a planned new flat-rolled steel mill, Norsk Hydro says aluminum demand is falling in Germany and Canadian aluminum producers are enjoying boosted profits on the heels of the removal of the U.S.’s Section 232 tariffs.
Steel Dynamics Announces Texas Site for New Mill
Sinton, Texas, will be the home of Steel Dynamics’ new flat-rolled steel mill, the company announced Monday.
“Our planned new EAF flat roll steel mill will be the most technologically advanced facility existing today,” President and CEO Mark D. Millett said. “Our team has selected a suite of technologies based on our proven history of success, that should allow us to achieve steel grades previously out of reach to thin-slab casting technology, while sustaining the low-energy and low-Carbon footprint that is at the core of our steelmaking operations. Based on casting capability of up to 84 inches wide and up to a 5.5-inch cast thickness, it will be the world’s largest thin-slab facility.”
Hydro: Aluminum Demand Slowing in Germany
Aluminum producer Norsk Hydro said aluminum demand in Germany is declining amid slowdowns in the country’s automotive and construction sectors.
Norsk Hydro CFO Eivind Kallevik told CNBC Tuesday that the performance of the automotive and construction sectors in Germany has led to lower aluminum demand.
Canadian Aluminum Operations Enjoy Post-232 World
In other aluminum news, Canadian aluminum operations are enjoying higher profits since the U.S. removed its Section 232 tariffs vis-a-vis imports from the country (and Mexico).
According to Reuters, among those producers with Canadian operations reaping the benefits are Rio Tinto (LON:RIO) and Alcoa (NYSE:AA). Alcoa CFO William Oplinger last week said the company expects an annual benefit of approximately $200 million as a result of the removal of the tariffs.
By Fouad Egbaria