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U.S. steel- and aluminum-using manufacturers issue statement in support of the trade agreement, although they call it 'disappointing' for not completely terminating tariffs with a close ally.
CAMMU says: "The conflict with Russia over its invasion of Ukraine underscores that these “national security” steel and aluminum tariffs on U.S. allies should never have been put in place in the first place."
To say that the aluminium market has returned to ‘normality’ would be something of an understatement. The market remains far from ordinary and predictable.
According to Majestic Steel's CORE Report, U.S. mills produced an estimated 1,847k tons of steel at a 79.4% utilization rate, a decrease from 1,851k tons and a 79.5% rate previously.
There is always a debate as to whether the time for a market bottom is now. These debates typically hinge on supply, demand, other factors. As the mills see it, the ancient proverb “there is no time like the present” sums up the situation perfectly.
The Trump administration decision to levy stiff taxes on imports of steel and aluminum has many sheet metal contractors seeking to lessen the impact of an unexpected jolt to their businesses.