Market Segment
January 28, 2022
Written by Michael Cowden
U.S. Steel isn’t letting current lower prices get it down after a record year in ’21 and in anticipation of more good times rolling into ‘22.
The Pittsburgh-based steelmaker said it had expected the first quarter would be weaker but that such weakness would to be temporary.
U.S. Steel’s profits soared in the third quarter amid higher steel prices and increased shipments. The Pittsburgh-based steelmaker reported net earnings attributable to USS of $859 million in the third quarter, up 759% from $100 million a year earlier. Net sales rose 26% to $4.78 billion in the same comparison. The company said all four of its operating segments generated positive results in Q3’26.
ArcelorMittal expects North American steel shipments to be flat sequentially in the fourth quarter, as recovery from Canadian and Mexican disruptions is expected to be offset by normal seasonality and maintenance. The company reported third-quarter shipments of 2.645 million metric tons, down 6.6% sequentially but up 1% year over year (y/y). It attributed the shipment decline primarily to lower long product volumes. North America sales were nearly $3.7 billion in Q3’26, nearly level with the previous quarter but 11% higher y/y. Average selling prices rose 5.7% sequentially to $1,228 per metric ton (mt).
Algoma Steel has secured a contract to supply up to 24,000 metric tons of structural steel plate for Seaspan Shipyards’ Canadian Coast Guard icebreaker program. The agreement, valued at about $182 million Canadian, covers steel for up to six multi-purpose icebreakers, at ~4,000 metric tons per vessel. Algoma will produce the plate, with Stigterstaal Canada serving as the marine steel processing and distribution partner. The order is the largest polar-class steel order in Algoma’s history, according to the companies.
The US Department of Commerce recently made adjustments to the anti-dumping duties (AD) on certain steel pipe and tube imports after annual administrative reviews, according to notices in the Federal Register.
After an annual administrative review, the US Department of Commerce is adjusting the countervailing duties (CVDs) on imports of cut-to-length carbon-quality steel plate from South Korea.