Steel Products

Cleveland Cliffs to Close Australian Business
Written by Sandy Williams
April 10, 2018
Cleveland Cliffs says it will exit its Australian iron ore operations by June 30, 2018. The company said in an April 6 SEC filing that increasingly discounted prices for lower-iron-content ore, the quality of the remaining iron ore reserves at APIO, and the lack of a legitimate offer from a qualified buyer, were factors in the decision.
Cliffs estimates total closing costs will be in the range of $140 million to $170 million exclusive of any proceeds received from sale of the assets.
The closure was expected at some point in 2018. CEO Lourenco Goncalves said during the last earnings conference call that the mining operations at Asia Pacific Iron Ore would occur when the mine was no longer profitable. The timing of the closure follows the March expiration of supply agreements with customers in China and Japan.
More details will be forthcoming during the first-quarter earnings call scheduled for April 20.
{loadposition reserved_message}

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products

FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.

US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.

CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]

US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."