Document V3LKEy12Z8JRxygrqa03MDXzK

M FREEPORT-MCMORAN chain," and that "China has accounted for 75 percent of all global smelter capacity growth."' The United States, for its part, "has tilted towards the secondary market and serap."'l This importexport relationship also reduces the availability of domestic sulfuric acid, which as noted previously, is a byproduct of primary copper smelting and is often re-inserted upstream for mining activities. In sum, the global copper market is likely approaching an inflection point, where global demand outstrips global supply. The Miami Smelter represents a critical component of the United States' ability to produce copper domestically. 'Ile Copper Rule, however, presents a material threat to the continued operation of and the ability to expand production at the Miami Smelter, given its radical cost ineffectiveness. See supra Section II.A. Id at 5. Id. at 8. 13 Sierra Club FOIA 2025-EPA-04883 ED_018388_00000153-00016 SC_EVERSPLIT0005919