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Materials Shares Fall; Gold Futures Decline -- Materials Roundup

01/03/2022 | 05:07pm EDT

Producers of metals and other raw materials were lower.

Gold futures declined to start the new year on the backfoot, with prices settling at their lowest in almost two weeks in the wake of rising stocks and Treasury rates.

U.S. steel producers are buying up scrap businesses, seeking a steady supply of raw material from junked cars, old pipes and manufacturing waste for new mills.

Nucor, the largest producer of steel in the U.S., Cleveland-Cliffs and North Star BlueScope Steel, spent more than $1 billion for steel scrap processors in 2021 as millions of tons of annual production capacity are being added to the domestic steel market in response to rising demand.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

01-03-22 1706ET

Stocks mentioned in the article
ChangeLast1st jan.
BLUESCOPE STEEL LIMITED 1.23% 18.1 Delayed Quote.-14.45%
CLEVELAND-CLIFFS INC. 0.28% 21.675 Delayed Quote.-0.83%
GOLD 0.10% 1843.5 Delayed Quote.-0.72%
NUCOR -1.39% 119.1797 Delayed Quote.5.75%
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