AIIS: U.S. steel exports rise as economy picks up in Canada, Mexico

The United States experienced a 10 percent increase in steel export volumes from July to August thanks to more steel shipments to Canada and Mexico.    The American Institute for International Steel (AIIS) said Tuesday the United States exported 812,011 net tons of steel in August, a 10 percent increase from July.
   The AIIS said the increase in steel exports from July to August was driven by a 13 percent increase in exports to Mexico and an 11.5 percent jump in exports to Canada.
   However, the August result was still 1.7 percent lower than a year earlier.
   Overall, the U.S. exported 407,524 net tons of steel to Canada in August and 336,098 net tons of steel to Mexico, year-over-year increases of 0.3 percent and 6 percent, respectively.
   Meanwhile, U.S. steel exports to the European Union tumbled 46.2 percent from August 2015 to 17,694 net tons.
   “Canada’s economy appears to be regaining some strength after its 1.6 percent contraction in the second quarter (which was caused, in part, by the Alberta wildfires in May). The bounce-back seems to have started at the end of Q2, with June and July growth the country’s strongest in back-to-back months in almost five years,” the AIIS said.
   “The Mexican economy may also be back in black after shrinking 0.2 percent during the second quarter,” the AIIS said. “As economic activity speeds up, so does steel consumption.”