The American Institute for International Steel will sign a joint cooperation agreement with the Panama Canal Authority by the end of the year, and likely before the end of November. “Our agreement is related to promoting steel-related trade that flows through the Panama Canal to the United States and to different markets,” Richard Chriss, AIIS executive director, told American Metal Market. That trade includes both U.S. steel imports and exports, he said. The Port of Houston Authority has a similar agreement in place with the Panama Canal Authority that includes joint marketing and data sharing.

The benefits of the agreement will extend to all AIIS member ports, including Houston, the Georgia Ports Authority and the Port of Mobile in Alabama, and boost U.S. imports and exports of finished steel and scrap. The Panama Canal is currently being expanded by the construction of a third set of locks, which is scheduled to open in early 2016 and designed to accommodate larger vessels. Steel shipments have played a significant role in the construction of the third set of locks. In September, ArcelorMittal shipped more than 192,000 tons of rebar for the project. In total, more than 242,000 tonnes of steel from the steelmaker’s Las Truchas plant in Mexico has been provided for the expansion.

*NEWS SOURCE