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The Journal Gazette

Thursday, August 10, 2017 1:00 am

Briefs

MetalX to build new Ohio plant

Staff, news services

MetalX announced Wednesday plans to invest $35 million to build a greenfield, state-of-the-art scrap processing plant in Delta, Ohio.

The Waterloo-based company intends to develop the facility on a 60-acre site across the street from North Star BlueScope's flat-rolled steel mill.

“Future plans will grow employment to over 100 people and annual volume to 700,000 tons,” the company said in a news release.

The company will also operate a full-service fleet transportation hub to support industrial and wholesale suppliers.

Initial construction activities are slated to begin this fall, but are contingent on securing certain state and local economic development incentives, plus customary approvals and permits, all of which are in process. The plant will be fully operational within 12 months.

The facility will be the second Ohio operation for MetalX, following the company's recent acquisition of M&K Metal Processors, just east of Delta. The former M&K yard reopened July 17 as a MetalX branded operation.

4 nations vow to cut oil production

OPEC said Iraq, the United Arab Emirates and Kazakhstan – which have lagged in their implementation of a deal to cut production – affirmed their commitment to the accord at a meeting in Abu Dhabi.

“All expressed their full support” for the system to monitor the cutbacks “in order to achieve the goal of reaching full conformity,” OPEC said in a statement on its website. Malaysia also attended and made the same pledge.

The meeting, co-chaired by Kuwait and Russia, was scheduled after several nations faltered in their pledges to reduce output. Twenty-four producers, from among the Organization of Petroleum Exporting Countries and beyond, agreed to cut production late last year to try to end a global glut.

December may be next interest hike

A member of the Federal Reserve's interest-setting committee said Wednesday it would be appropriate for the central bank to announce next month that it will begin trimming its $4.5 trillion balance sheet but wait until December before raising a key interest rate again.

Charles Evans, the president of the Fed's regional bank in Chicago, said he does not expect the balance sheet reduction to make much of a market impact because the move has been “well-choreographed.”

Speaking to a group of reporters, Evans added that he believes waiting until December to raise rates would give the Fed time to assess whether inflation is moving back toward the Fed's 2 percent annual target.

Winfrey teams up with Kraft Heinz

Oprah Winfrey is headed to the supermarket aisle with her own line of refrigerated soups and side dishes.

The media mogul teamed up with food giant Kraft Heinz to launch the line after creating a joint venture this year.

The new brand, called O, That's Good!, will offer comfort foods with added vegetables, such as mashed potatoes with cauliflower mixed in. A broccoli cheddar soup has butternut squash to replace some cheese.

Kraft Heinz Co. said the new brand has no connection to Winfrey's deal with Weight Watchers and won't mention the weight loss program on any of its packaging.