Economy
Cliffs Cheers Commerce Decision on Tin Mill Products
June 21, 2023
The US Department of Commerce has reached a preliminary determination that producers of tin mill products from China benefit from significant countervailable government subsidies.
Cleveland-Cliffs applauded the decision in a press release on Wednesday.
The Cleveland-based steelmaker said Commerce found a subsidy rate of 542.55% for Baoshan Iron and Steel and a rate of 89.02% for Jingtang Iron and Steel, while a rate of 89.02% will apply to all other exporters. Cash deposits on the imported product will now be required.
Additionally, Commerce said it was initiating an investigation of further subsidies alleged by petitioners Cliffs and the United Steelworkers (USW) union, the release said.
Cliffs and the USW filed a trade case targeting imported tin mill products in January.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Final Thoughts
We all know the American news cycle moves pretty fast. Viral today, cached tomorrow. So it is with the US presidential election on Tuesday, Nov. 5. People have election fatigue. They've moved on to other things like planning holiday parties, debating Super Bowl hopefuls, or even starting to look forward to our Tampa Steel Conference in February.