Steel Mills

John Correnti Says Government Should “Stay Out”
Written by Sandy Williams
July 29, 2014
Big River Steel CEO John Correnti says government should “stay out” of private industry. What appeared to be a contradiction after receiving more than $125 million in incentives from the state of Arkansas, Correnti stated in an interview with Arkansas Business that states have to invest in big business in order to stay competitive, but “as far as government is concerned, they should stay out of private industry.”
Correnti, a former president and CEO of Nucor Corporation, told Arkansas Business that he was “disappointed” in Nucor’s vehement opposition to Big River Steel and said that “Nucor has lost its way.”
“You compete on the playing field and that is the marketplace,” said Correnti. “You don’t compete in the courtroom.”
In a drawn-out litigation process, said Correnti, “at the end of the day the lawyers win. Nobody else wins.” He compared the steel competitors to big box retailers like Wal-Mart, Cosco and Target. When all three are grouped together, all become better operators. “And you know who benefits,” he said. “You and I—the consumers.”
Big River Steel expects to be major U.S. producer of pipe and tube as well as specialty products like advanced high strength steels used in automotive manufacturing. The flat rolled electric arc furnace mini-mill, to be constructed in Osceola, Arkansas, will have a capacity of 1.6 million tons annually. Construction is expected to take two years with initial production anticipated for July 2016.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.

August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.

TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.

Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.

ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.