Market Segment
October 11, 2021
Written by Michael Cowden
Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million.
The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.”
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.