Steel Market Update has moved our flat rolled steel pricing momentum indicator to “Neutral” from “Falling.” A neutral designation means there is a potential for a change in flat rolled steel price Read more ...

The Essar Steel Algoma union (Local 2724) which represents approximately 600 field supervisors and technical support staff have agreed to take a mediator's contract proposal (mediator's recommendation) to their membership for a vote. If the membership agrees a strike at Algoma will be averted. Failure to ratify will result in a strike by local 2724. However, the hourly workers which just ratified their contract would be required to cross the picket line and work Read more ...

According to their earnings conference call ArcelorMittal Wants 10% Spot Price Increase on flat rolled (on all steel products) to recoup their higher raw material cost Read more ...

Earlier this month the members of United Steel Workers (USW) Local 2724 voted to strike August 1, 2010 should they not reach a collective agreement with Essar Steel Algoma Read more ...

Steel Market Update asked one of our contributing writers, Peter Brebach, CEO of Iron Angels of Colorado, to speak to the steel market and the trend he believes is developing in the market. Steel Market Update, at this moment, continues to forecast a declining trend/momentum in the flat rolled steel market although we do expect the declines to be more modest from this point Read more ...

United States Steel (USS) reporting a net loss of $25 million, or $.17 per diluted share of which $96 million or $.62 per diluted share was foreign currency remeasurement losses on intercompany loans. Net sales were $4.7 billion on shipments of 5.9 million tons which represented an increase of 9% from 1st Quarter 2010 Read more ...

Steel Market Update is pleased to announce Mr. Ricardo Bernardes; California Read more ...

Metals USA, one of the larger flat rolled steel service center groups in North America, announced their second quarter earnings for 2010 Read more ...

Nucor Corporation reported consolidated net earnings of $91.0 million, or $.29 per diluted share, for the second quarter 2010 on sales of $4.20 billion. Nucor earned almost two-thirds less during the first quarter when they reported earnings of $31.0 million when they sold $3.65 billion Read more ...

Essar Steel Algoma announced late on Wednesday they have reached a tentative agreement with one of their two unions – USW Local 2251. USW Local 2251 represents the hourly workers at the mill and an agreement was believed inevitable after the union leaders did not ask for a strike authorization vote Read more ...

Steel Dynamics (SDI) announced earnings and discussed their business in a conference call with analysts on Tuesday of this week. What caught the attention of the press was "part" of one of Keith Busse statements regarding flat rolled steel pricing Read more ...

The Metal Service Center Institute (MSCI) reported domestic service center shipment and inventory data for June this morning. The key data being flat rolled steel inventories increased by 377,200 tons and the 4,497,500 tons are the most seen since February 2009. Flat rolled inventories have been steadily growing since August 2009 (10 straight months) Read more ...

Reports last week confirmed that Magnitogorsk Iron & Steel Works (MMK) will not be proceeding with their 2007 plans to build a steel mill in Ohio Read more ...

Steel Dynamics, Inc. (SDI) announced earnings of $49 million for the second quarter 2010 ($.22 per diluted share) which is $16 million lower than 1Q 2010 earnings but, an improvement over 2Q earnings in 2009 when the company had a loss of $16 million. The company shipped 1.3 million tons of steel products during the quarter of which 815,000 tons were flat rolled. Flat rolled accounted for 64 percent of second quarter steel operations shipments Read more ...

SMU found an interesting article in the most recent American Institute for International Steel (AIIS) newsletter which came out today. In this month’s issue AIIS takes a look at the results of the Chinese dumping suit against AK Steel and Allegheny Ludlum who were accused of dumping grain-oriented electrical steel. What should be of interest to our readers is the existences of U.S. subsidies which we take for granted but are considered by the international community as “protectionist Read more ...

On Wednesday morning there was an explosion at the U.S. Steel Clairton Coke Plant. The explosion shut down the B Battery coke ovens. Steel Market Update has remained in contact with U.S. Steel in order to get the most up-to-date information for our members and those who visit our SMU website Read more ...

On Wednesday morning there was an explosion at the “B” Battery at the U.S. Steel Clairton coke plant. The explosion injured twenty workers who were on site at the time Read more ...

There has been an explosion at the “B” Battery at the U.S. Steel Clairton coke plant. The explosion has injured a number of workers who were on site at the time. The exact number is not yet known and there are various industry reports quoting specifics which vary from one news organization to the next Read more ...

Earlier today (Tuesday) Essar Steel Algoma put out a post on the steel mill's blog which clearly identified a standoff in the negotiations with one of their unions: Local 2724. This evening the union struck back with the following press release Read more ...

The U.S. Steel Gary Works had an accident last week which has resulted in the idling of two of the companies four operating furnaces at the facility Read more ...

Essar Steel Algoma posted a detailed analysis of the company's negotiating position with the two unions whose contracts expire at the end of this month. The Canadian steel mill has two unions to deal with - one hourly workers (2251) and one supervisors and line management (2724) Read more ...

Compounding steel buyers consternation is yet another drop in scrap prices. This is not unexpected and was anticipated by the scrap dealers. However, as many who attended Steel Success Strategies a couple of weeks ago know, there has been a debate within the scrap community (and those of us who cover scrap prices) as to where prices would ultimately settle and how they will impact flat rolled steel prices Read more ...

Market sources have told Steel Market Update that the Severstal Sparrows Point facility has not yet shut down their blast furnace as they have been unable to produce enough slabs to accommodate their Tin Plate customers. Our sources are advising us the blast furnace will be taken down later in the month of July. At this time the projected date is July 25th Read more ...

The Associated General Contractors of America provided an analysis of construction employment data which shows construction unemployment is at 20.1%. Construction is one of the largest markets for flat rolled steel Read more ...

The American Iron & Steel Institute (AISI) reported final raw steel production and capacity utilization rates for the month of May 2010 Read more ...