Steel Mills
BlueScope Raises Guidance
Written by Sandy Williams
April 27, 2021
Australian steel producer BlueScope has raised its earnings guidance for 2H FY2021 to an earnings range between AUD $1 billion and $1.8 billion from the previous range of $750 million to $830 million. The boost in earnings is due in large part to the performance of North Star BlueScope, the company’s U.S. division in Ohio.
HRC prices have skyrocketed since the original outlook was published in February and are now more than $250 per metric ton higher, resulting in stronger spreads benefiting North Star’s specific sales mix. BlueScope added that the expansion at North Star remains on track for commissioning during the second half of FY 2022.
BlueScope is also seeing stronger shipment volumes in its Australian Steel Products division, particularly in the building and construction sector. The division is benefiting from improved domestic and export steel spreads.
Building Products will also show improved earnings results from the previous half year due to expanding margins in the North American coated business driven by rapidly rising steel prices. Favorable margins will also result in an improved performance by the ASEAN division, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.
Radius loss narrows, volumes climb in ‘healthy’ West Coast market
Stronger steel demand in the Western US, rising scrap flows, and improved rolling mill utilization drove sequential gains for Portland, Ore.-based Radius Recycling.
AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).
Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.
Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.