Steel Products Prices North America
Cliffs Announces Plans for HBI Plant in Toledo
Written by Sandy Williams
June 15, 2017
Cliffs Natural Resources announced today that it has selected Toledo, Ohio, to be the site of its first hot briquetted iron production plant. Midrex Technologies will design, engineer and procure equipment for the new plant, which will produce at least 1.6 million tons of HBI per year.
The project is expected to cost approximately $700 million and will begin construction in early 2018. First commercial tonnage of HBI is anticipated in mid-2020. The Toledo sight has several advantages for Cliffs, including access to affordable gas and multiple rail carriers.
“Today’s announcement marks a very important strategic milestone for Cliffs as we begin to implement our plans to be the sole producer of high-quality HBI for the EAF steel market in the Great Lakes region,: said Lourenco Goncalves, chairman, president and chief executive officer. “We look forward to the strong margin and earnings potential this new product will generate for Cliffs shareholders.”
Cliffs received approximately $30 million in grants and other financial incentives from the state of Ohio to locate in Toledo.
Goncalves had hopes of establishing a DRI facility in the Iron Range in Minnesota, possibly at the former Essar Steel Minnesota site. The sale of the Nashwauk facility to Bedrock industries spoiled those plans.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products Prices North America
SMU Price Ranges: HR holds, galv slips amid competing market narratives
SMU’s sheet and plate prices see-sawed this week as hot-rolled (HR) coil prices held their ground while prices for galvanized product slipped.
Nucor carries $875/ton HR list price into week seven
Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Oct. 6
SMU Price Ranges: A newsy week sees modest price gains despite a quiet spot market
Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.
Nucor increases plate prices by $60/ton
Nucor aims to increase prices for steel plate by $60 per short ton with the opening of its November order book.
Nucor’s $875/ton HR spot price spills into week six
Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Sept. 29.