Market Segment
July 7, 2022
Written by David Schollaert
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members.
Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel Market Update (SMU).
The plate market squeeze has undoubtedly been driven by improved demand backed by heightened import barriers, including 50% Section 232 tariffs.
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.