Market Segment
June 28, 2022
Written by Michael Cowden
US Steel plans to stop making steel at its Granite City Works near St. Louis in the second half of 2024, a company spokeswoman told Steel Market Update on Tuesday.
The Pittsburgh-based steelmaker expects that the mill’s blast furnaces will switch over to pig iron production as part of a deal with SunCoke Energy Inc., she said.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
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.