Final Thoughts

On another subject, here’s some of the more quotable quotes from SMU’s Steel Summit this past week:

“We are all in an international market riding a bus where the driver of the bus is China, and he is taking us wherever he needs to go.”

Jose Gasca, Metrading International AG, on China’s dominance in the global steel market.

“I don’t know of any steel company in the world that is aiming to have a smaller participation in the auto industry.”

Lourenco Goncalves, Cleveland-Cliffs CEO, when asked if Cliffs’ subsidiary AK Steel is too dependent on the automotive market.

“Go ahead and underestimate us, that is going to be fun.”

David Burritt, president of U.S. Steel, on his company’s “best of both” strategy to combine integrated and EAF steel production.

“Seventeen million tons came offline abruptly during the crisis. We think only about half will come back and will offset the 6-7 million tons of real capacity that is actually coming onto the marketplace. We don’t believe there is anything to worry about.”

Steel Dynamics President Mark Millett, downplaying concerns about a “Steelmageddon” scenario in which mills like SDI’s planned expansion in Texas will oversupply the market and drive down steel prices.

“If EAFs can crack exposed body panels, it becomes tenuous to be an integrated mill.”

Analyst John Anton of IHS Markit on the possible competitive shift among suppliers to the auto sector if minimills succeed in producing sheet products of high enough quality for the most demanding vehicle applications.

“It’s not an expectation, it’s a reality.”

Big River Steel President David Stickler on the likelihood minimills will compete for the automotive market’s exposed panel business.

“The economy is not broken.” And: “Don’t assume the election will make or break your world.”

ITR Economics President Alan Beaulieu, offering a reassuring forecast on the U.S. recovery.

Thanks again to all those who attended and supported our virtual steel summit. Remember, the conference platform remains open and the programming accessible until Sept. 18.

As always, your business is truly appreciated by all of us here at Steel Market Update.

Tim Triplett, Executive Editor