Market Segment
July 31, 2022
Written by Michael Cowden
Algoma Steel and United Steelworkers (USW) Local 2251 have agreed to extend labor contract talks for another 15 days, narrowly averting a strike.
The Sault Ste. Marie, Ontario-based steelmaker confirmed that in a press release on Saturday. And USW Local 2251 president Mike Da Prat confirmed it as well in an exclusive interview with Steel Market Update on Sunday.
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.