This morning in metals: ArcelorMittal aims to make Sestao steel plant zero carbon – Steel, aluminum, copper, stainless steel, rare earths, metal prices, forecasts
This morning in the metals news: ArcelorMittal said it plans to reduce carbon emissions from its Sestao plant; meanwhile, the producer price index for final demand rose 1.0% in June; and, finally, steel prices in the United States continue to rise.
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ArcelorMittal announces goal of building zero carbon steel plant in Sestao
ArcelorMittal this week announced its intention to make its steel plant in Sestao, Spain, the “world’s first large-scale zero-carbon steel plant”.
“The development is the result of a memorandum of understanding signed today with the Spanish government which provides for an investment of 1 billion euros in the construction of a direct reduction green hydrogen (DRI) iron plant in its plant in Gijón, as well as a new hybrid electric arc furnace (EAF), ”said ArcelorMittal.
The steelmaker said the new DRI plant will have a capacity of 2.3 million metric tons. Of this total, 1 million metric tons would go to Sestao to be used as raw materials in its electric arc furnaces (EAF).
IPP up 1.0%
Elsewhere, the producer price index (PPI) for final demand rose 1.0% in June, the Bureau of Labor Statistics reported.
In addition, final demand increased by 0.8% in May and 0.6% in April.
“Almost 60% of the June increase in the final demand index can be attributed to a 0.8% increase in prices for final demand services,” the BLS added. “The goods index of final demand rose 1.2%. “
Rising steel prices in the United States
Steel prices in the United States continue to rise (as explained by Maria Rosa Gobitz in this week’s Raw Steels MMI report).
Hot-rolled coil in the US closed Tuesday at $ 1,744 per short ton, up 7.59% month over month. Cold rolled coil closed at $ 1,935 per short ton, up 6.55%.
Hot-dip galvanizing closed at $ 2,060 per short ton, up 5.1%.
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